Crofton Capital has acquired CognitiveTPG, a supplier of point-of-sale transaction and barcode printers. Crofton Capital partnered with DeltaPoint Capital Management and Boston Harbor Capital in the transaction. Additional financing was provided by Pine Street Capital Partners.
CognitiveTPG is a supplier of point-of-sale transaction and barcode printers to the retail, banking, self-service kiosk, healthcare, hospitality, automotive service, and manufacturing/logistics sectors. The company was founded in 1972 and is based in Ithaca, NY (www.cognitive.com).
The company will continue to be led by its President and CEO, Kyle Turner. “We are looking forward to working with our investors as the economy picks up steam to build on the tremendous momentum we have achieved. We are delighted at the strong response of our customers to CognitiveTPG’s continued product excellence and focus on customer service,” said Mr. Turner.
Crofton Capital invests in and provides strategic resources to small and midsize businesses that have annual revenues of up to $50 million and operating cash flow of $1 million to $5 million and are based primarily in the northeast. Sectors of interest include niche manufacturing, value-added distribution, business services, software and technology-enabled services, and consumer products and services. Crofton Capital is based in Wellesley, MA (www.croftoncap.com).
“We were particularly attracted to CognitiveTPG’s terrific set of products and its excellent relationships with its OEM and integrator partners,” said Phil Ivey, Managing Director of Crofton Capital.”We are excited to work with Kyle and the management team to support the company’s continued growth worldwide.”
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-27-12