Summit Park Adds to Freedom
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Summit Park Adds to Freedom

Summit Park acquired Freedom Electronics in December 2018 from Chicago-based private equity firm Range Light

Freedom remanufactures and sells a portfolio of over 2,300 electronic components used in fuel dispensers, retail point-of-sale systems, and automatic tank gauges

SOURCE: Getty Images

Freedom Electronics, a portfolio company of Summit Park, has acquired sister companies ESCO Services and ESCO Manufacturing. Summit Park acquired Freedom Electronics in December 2018 from Chicago-based private equity firm Range Light.

Freedom Electronics remanufactures and sells a portfolio of over 2,300 electronic components used in fuel dispensers, retail point-of-sale systems, and automatic tank gauges. The company’s products include circuit boards, displays, printers, keyboards, overlays, vacuum pumps, point of sale consoles, control boxes and cash drawers, card readers, and components for all major manufacturers of gasoline pumps.

Freedom’s nationwide customer base includes retailers, parts distributors, and equipment service companies. The company, led by CEO Patrick Jeitler, is headquartered near Atlanta in Kennesaw, Georgia.

ESCO provides aftermarket refurbished electronic parts to distributors and service technicians, primarily serving the retail fueling and petroleum end markets. Founded in 1979, ESCO is headquartered near Detroit in Sterling Heights, Michigan, with additional facilities in Florida and Colorado.

Source: ESCO Manufacturing

“ESCO is a very well-respected company with a long history,” said Mr. Jeitler. “Both companies share the same values of providing outstanding customer service and a high level of urgency to our customers. We are confident that the combination will allow us to expand our relationships with many customers while allowing us to serve a much larger portion of their needs.”

“Freedom and ESCO are an exciting combination because it establishes a national platform with leading technical capabilities, expanded sourcing relationships, and a diversified product portfolio driving a better customer experience,” said Mike York, a partner at Summit Park. “We continue to be bullish on the aftermarket in the retail petroleum space and think adding ESCO to Freedom positions the business very well going forward.”

Charlotte-headquartered Summit Park invests in lower middle-market companies that have operations primarily based in the Eastern half of the United States and have revenues between $20 million and $150 million, and EBITDA between $4 million and $15 million. Sectors of interest include business and consumer services, light manufacturing, and value-added distribution.

© 2022 Private Equity Professional | July 6, 2022

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