Summit Park said Aug. 15 that it has sold its portfolio company Control Company to Cole-Parmer. Financial terms weren’t announced. Control, of Webster, Texas, sells private label and branded laboratory equipment, including thermometers, timers, tools, humidity gauges, hygrometers and conductivity tools.
Summit Park, a Charlotte-based private investment firm, is pleased to announce the sale of its portfolio company Control Company (“Control” or “the Company”) to Cole-Parmer. Terms of the transaction were not disclosed.
Headquartered in Webster, Texas and founded in 1974, Control sells an extensive array of private label and branded laboratory equipment, including thermometers, timers, tools, humidity gauges, hygrometers and conductivity tools. Unique among its competitors, substantially all of the Company’s products are individually calibrated and tested and sold with a Traceable® Calibration Certificate issued from the Company’s calibration laboratory, which is accredited by the American Association for Laboratory Accreditation.
Since its initial investment in Control, Summit Park has supported the expansion of the Company’s senior leadership team, domestic and international sales efforts, entrance into new end markets and growth of its product portfolio, including TraceableLIVE®, a family of products designed to provide monitoring and data management capabilities to end user customers.
“Control Company represents the perfect investment for Summit Park – we invest in great companies and work with their leadership teams to build even better businesses,” said Jim Johnson, Co-Managing Partner at Summit Park. “Mike Blazes and his team did a wonderful job of building on the Company’s historical success and have positioned the business for future success as its customers’ needs evolve. We look forward to following their continued progress.”
The transaction marks Summit Park’s first exit from its second fund, Summit Park II. Control Company and Summit Park were advised by Deloitte Corporate Finance (financial advisor) and McGuire Woods LLP (legal advisor).
About Summit Park
Summit Park is a Charlotte, North Carolina-based private investment firm focused exclusively on the lower middle market. The firm invests across a wide range of industries, including business and consumer services, light manufacturing and value-added distribution. Summit Park targets businesses with revenue between $20 and $100 million and located in the Eastern half of the United States. The firm’s capital can be used to facilitate a change in ownership, to support expansion and growth, to provide partial liquidity to existing owners, or to support an industry consolidation plan. For more information, visit www.summitparkllc.com.