Industrial Growth Partners has sold Tucson, Arizona-based IOTA Engineering, a maker of lighting products and power equipment, to Acuity Brands Inc. No financial terms were disclosed.
San Francisco, CA – Industrial Growth Partners is pleased to announce the sale of IOTA Engineering, L.L.C. to Acuity Brands, Inc. (NYSE: AYI) in a transaction that closed on May 1, 2018.
IOTA, based in Tucson, Arizona, is a leading manufacturer of highly-engineered emergency lighting products and power equipment for commercial and institutional applications, both in the U.S. and internationally.
Original Acquisition Details
IGP, together with members of the IOTA management team and certain outside investors, purchased the Company in February 2017. Since that time, the Company has continued to execute on its strategic plan to strengthen its leading market position providing critical power supply equipment. During IGP’s ownership, the Company invested heavily to expand engineering capabilities, research and development facilities, and sales infrastructure.
Jason Tobak, CFO of IOTA, commented:
“IGP’s support of IOTA as we transitioned from a family-run business to an institutionally-backed organization was essential. They were an ideal partner as we went through the process of augmenting our sales and engineering capabilities while supporting key new product initiatives. Ultimately, these actions enabled us to further solidify our status as a technology leader in our industry and position the business to capitalize on the large, growing market opportunity in our sector.”
IGP, 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 and industrial services sector in partnership with management teams.
For more information, please contact contact Dan Delaney or Micah Wickersheim at 415-882-4550 or go to igpequity.com.