ECI Partners, the UK growth-focused mid-market private equity firm, has acquired a minority stake in Harvard Engineering, which designs and develops control products for the lighting industry.
The details of the transaction are not being disclosed.
The investment will allow Harvard to further build on its strategic growth plans, which includes increasing employee numbers from 300 to 500, enhancing the company’s range of products and building a new R&D and manufacturing facility.
The company’s product range includes LeafNut, the wireless control and monitoring system for street lighting, and the CoolLED range of switchable drivers for LED lighting. More recently the company announced the launch of EyeNut, an indoor lighting control solution.
Over the course of the last three years Harvard has seen employee numbers and turnover more than double. It has also opened offices in France, Italy, Germany and the US as part of a five-year growth strategy to increase export business from 25 per cent of turnover, at the end of 2011, to 50 per cent by the end of 2015.
John McDonnell, managing director at Harvard, says: “The investment is wonderful news for Harvard, as it will allow us to strategically build on our already growing market share and international presence. Despite the deep recession, demand for our products continues to grow across the globe.”
Mark Keeley, investment director at ECI, says: “As a growth focused investor we look for businesses which have strong management teams who have driven growth despite the global recession and in particular have expanded successfully overseas. Harvard has met all of our growth criteria. We are excited about working with John and his team to help the business continue its global expansion.
“Today’s investment represents another successful transaction for ECI, and highlights our commitment to building global, market-leading companies in the business services sector.”
