RLE Technologies, a maker of environmental monitoring equipment, has been acquired by May River Capital.
RLE designs and manufactures wired and wireless environmental monitoring equipment, fluid leak detection, and airflow management products used in data centers and other critical facilities to prevent downtime incidents and to improve operational efficiencies.
RLE goes to market under its Falcon brand of facility monitoring products, SeaHawk fluid leak detection products, Triad airflow management products, and Raptor system integration products. Over 20 million feet of RLE leak detection cable are installed in facilities worldwide.
RLE sells its products to OEMs, distributors, and value-added reseller partners. RLE, led by CEO Tim Hirschenhofert, was founded in 1984 by Don Raymond and his family and is headquartered in Fort Collins, Colorado.
Doug Keeports, a member of May River’s executive resource group and an experienced executive within the facilities detection and monitoring sector, will serve as a board member at RLE. In addition, Rick Weiler, the current CEO of May River’s portfolio company Dickson, an Illinois-based maker of environmental monitoring systems that was acquired in 2018, will also serve as a board member at RLE.
Mr. Hirschenhofer and the entire RLE senior management team will continue to lead the organization in partnership with May River. “We are excited about the next phase of growth for RLE in partnership with May River,” said Mr. Hirschenhofer. “The financial and operational resources that May River brings will allow us to best serve our customers going forward.”
“RLE represents a platform acquisition for May River focused on environmental monitoring within the data center and critical facilities end markets,” said Patrick McVickers, a vice president at May River. “May River is excited to partner with Tim Hirschenhofer and the entire RLE management team and to continue to support them in growth.”
Chicago-based May River invests from $20 million to $90 million of equity in companies with EBITDA of $3 million to $15 million and enterprise values of $20 million to $150 million. Sectors of interest include advanced manufacturing, engineered products and instrumentation, specialized industrial services, and value‐added industrial distribution services. May River held a hard cap close of its third fund, May River Capital Fund III LP, with $500 million in limited partner commitments in July 2023.
Integris Partners was the financial advisor to RLE Technologies. Tree Line Capital Partners provided debt financing to back the acquisition of RLE by May River.
© 2023 Private Equity Professional | December 6, 2023
