Carousel Capital, a private equity firm based in Charlotte, North Carolina, has sold Jameson, a manufacturer of military lighting systems, to Torch Hill Investment Partners, a Washington DC private equity firm. Carousel bought Jameson in 2007 through its third investment fund, Carousel Capital Fund III. The terms of the deal were not disclosed.
Carousel Capital announced today that it has successfully exited its investment in Jameson, the market leading provider of ruggedized military expeditionary lighting systems and commercial specialty tools used in a variety of professional end markets. The company was acquired by Torch Hill Investment Partners, a Washington, D.C.-based private equity firm. Founded in 1956, Jameson is based in Clover, South Carolina. Carousel and management acquired the company in 2007.
Jameson provides a broad portfolio of mission-critical electromagnetic interference (“EMI”) hardened fluorescent and light-emitting diode (“LED”) general and medical lighting solutions for use in a variety of military shelters and other field operations, including emergency response and homeland security applications. Jameson is also a market leader in providing a broad array of professional tools utilized in the telecommunications, arborist, utility, electrical distribution and retail markets. As demonstrated by its extensive patent portfolio, Jameson has built an unparalleled reputation as an innovator in providing specialized tools and equipment designed to stand up to the demands and harsh environments of professional end users in the field.
Steve Hahn, President and CEO of Jameson, will continue to lead the management team of the company. “We are extremely happy with the partnership that we have enjoyed with Carousel Capital over the past few years”, said Hahn. “With their help, we were able to achieve excellent growth in the business and we continue to be excited about the future prospects for the company and our new relationship with Torch Hill”, he said.
“We are thrilled with the outcome of this investment and thoroughly enjoyed our association with the team at Jameson,” said Jason Schmidly, Managing Partner of Carousel Capital. “During our ownership, the customer base expanded, the patent portfolio continued to grow and we acquired important LED based products to expand the lighting solutions business,” he said. “Steve Hahn and his management team continue to do an outstanding job building a broader global customer base for their products.”
Carousel initially funded the transaction with equity from its third investment fund, Carousel Capital Fund III. Sagent Advisors, Inc. served as financial advisor to Carousel Capital and the company on the transaction. K&L Gates LLP served as legal advisor on the transaction.
About Carousel Capital
Carousel Capital is a private investment firm that invests in companies located in the Southeastern United States. Carousel’s investor base includes institutional investors and an elite group of more than 100 current and former CEOs with significant operating experience. Since its inception, Carousel has invested in 28 companies primarily in three targeted growth sectors: business services; consumer products and services; and healthcare services.