Industrial Growth Partners has acquired Tucson, Arizona-based IOTA, a maker of back-up power supply equipment for commercial, industrial and institutional emergency lighting applications. No financial terms were disclosed.
San Francisco, CA – Industrial Growth Partners, in partnership with management, has acquired IOTA Engineering and affiliates (“IOTA” or the “Company”).
Headquartered in Tucson, Arizona, IOTA is a leading manufacturer of back-up power supply equipment for commercial, industrial and institutional emergency lighting applications. The Company provides a comprehensive portfolio of products that supplies light fixtures with emergency power to maintain code-compliant illumination after loss of power. IOTA is a market innovator that has developed a number of technology solutions (some patented) for LED lighting applications that have the broadest compatibility in the industry. The Company, founded in 1968, is well-positioned to continue its growth given its broad and comprehensive product line and its industry-leading reputation for technology, quality and superior customer service.
“IGP’s extensive knowledge of the manufacturing sector and over two decades of experience in helping family-owned businesses successfully transition to private equity-backed companies made IGP an ideal partner for us,” commented Jason Tobak of IOTA. “The IOTA management team is excited about the opportunity to leverage IGP’s expertise to strengthen our position in our core markets and to help expand our business through a variety of initiatives. IGP will be an invaluable operational and strategic sounding board, and we look forward to capitalizing on the resources this new relationship provides.”
Acquisition Details. On February 24, 2017, Industrial Growth Partners V, L.P., in partnership with management and certain outside investors, purchased 100% of the Company. The transaction creates a platform for IOTA to accelerate its growth and pursue strategic acquisition opportunities. The acquisition is an ideal fit with IGP’s strategy of investing in niche industrial companies with leading market shares and compelling growth opportunities. To learn more about IOTA, please visit www.iotaengineering.com.
Industrial Growth Partners, founded in 1997, is a San Francisco-based private equity investment firm with $2.2 billion of equity capital raised since inception. The firm invests exclusively in middle-market companies in the industrial sector in partnership with management teams.