Connecticut-based Whitman Controls Secures $4.5 Million Investment from Advantage Capital to Catalyze Business Growth
BRISTOL, Connecticut, May 1, 2024–(BUSINESS WIRE)–Whitman Controls, LLC. (‘Whitman Controls’), an industry leader in the custom design and manufacturing of pressure, vacuum, level and temperature switches, today announced that it has secured a $4.5 million investment led by leading impact investor Advantage Capital. The Bristol-based company will leverage the capital to support business growth initiatives and bring up to 30 new jobs to the area.
Whitman Controls plans to use the new financing to support the purchase of new equipment to expand manufacturing capabilities and new distribution channels. Additionally, the financing will support strategic complementary acquisition opportunities in the industrial sensors segment, strengthening Whitman Controls’ position as a complete solution for industrial controls.
“Over the past several years, we have been steadily growing revenue and our customer base,” said Scott Boulanger, general manager of Whitman Controls. “This capital comes at a crucial time as we continue to expand our operations. We are grateful for this funding, which serves as an excellent example of the private sector partnering with the public sector to accelerate growth in our state.”
For more than 40 years, Whitman Controls has sold its products to customers, including Fortune 500 companies, in a wide variety of industrial markets, from oil and gas to technology and medical devices. This combined experience ensures a comprehensive suite of high-quality products, simplifying operations and increasing system reliability for customers.
“Our investment in Whitman Controls is a fantastic example of the types of businesses we look for when we invest,” said Tim Perusek, principal at Advantage Capital. “This company is poised for growth and well positioned to create quality jobs and drive increased economic activity in its community.”
Advantage Capital’s investment was made under the InvestCT program, which opens up financing opportunities to entrepreneurs who are unable to attract traditional forms of capital. According to the Connecticut Department of Economic Community Development, the program created more than 1,500 jobs between 2016 and 2023. It has been instrumental in channeling financing to small businesses and target municipalities that have historically lacked investment, as well as to pre-seed and stage for companies that want to start in the state.
Whitman Controls is owned by LDR Growth Partners LP (“LDR”), a people-focused investment firm that backs growth-oriented companies, management teams and entrepreneurs with equity capital and precision support to scale operations and maximize returns under values of trust, service, creativity and discipline. LDR is led by a five-person cross-functional leadership team and was founded in 2011 by U.S. Army officers with a common vision for business leadership and the power to build, support, and lead exceptional teams while growing the legacies of North American companies. -Americans. long-term.
Advantage Capital’s investment provided Whitman Controls with capital to fund LDR’s ongoing efforts to help facilitate the company’s operational improvements and expansion.
“In 2019, LDR recognized Whitman Controls’ inherent potential to not only become a leader in the industrial controls industry, but also to solidify and expand its core business,” said JD Dolan, partner at LDR. “Whitman Controls is now uniquely positioned to provide high-quality, customized products across diverse manufacturing applications and drive significant growth within the American manufacturing industry itself, creating a ripple effect that strengthens the sector as a whole.”
About Whitman Controls
Founded in 1968, Whitman Controls LLC is an industry leader in the custom design and manufacture of pressure, vacuum, level and temperature switches and sensors. For more than 50 years, the company has worked closely with design engineers from thousands of OEM companies around the world to develop unique sensor solutions for diverse applications and industries. Whitman Controls is ISO 9001, UL and CE certified.
About Advantage Capital
Advantage Capital is a leading impact investing firm with an emphasis on directing capital to underserved areas. The company provides flexible financing to growth-ready entrepreneurs and industries located in communities that often lack access to conventional sources of capital. Since 1992, the company has invested more than $4 billion in more than 900 companies to support more than 67,000 quality jobs. The company also intentionally invests in affordable housing developments and renewable energy solutions to grow economies and communities. Learn more at Advantagecap.com.
About LDR Growth Partners
LDR Growth Partners LP (“LDR”) is a people-focused investment firm that backs growth-oriented companies, management teams and entrepreneurs with equity capital and precision support to scale operations and maximize returns under values of trust, service, creativity and discipline. LDR is led by a five-person cross-functional leadership team and was founded in 2011 by U.S. Army officers with a common vision for business leadership and the power to build, support, and lead exceptional teams while enhancing America’s legacies. North. companies in the long term. LDR has built a track record of success in operationally improving companies across multiple industries and also owns LDR Advisory Partners and LDR Leadership, companies that focus on improving company, employee and leadership performance.
Advantage Capital is a registered investment advisor with the U.S. Securities and Exchange Commission. Such registration, however, does not imply a certain level of competence or training. This communication has been prepared for informational purposes and to announce a prior event, and nothing contained herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to buy any securities or investment products. investment. All offers of investment interests in any fund or investment vehicle managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and underwriting documents in accordance with securities laws. applicable federal and state regulations. Advantage Capital is an equal opportunity provider.
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Contacts
Advantage Capital
Joe Stosberg, Communications Manager
jstosberg@advantagecap.com
