Milwaukee-based private equity firm Generation Growth Capital Inc. announced today it has acquired Minneapolis, Minn.-based Innovative Laser Technologies Inc.
Innovative Laser designs and manufactures custom laser solutions for production of important components in several industries, including medical device, defense, energy and aerospace. Its customers include major medical device manufacturers and a number of Fortune 500 companies.
Following the acquisition, ILT’s management team will remain in place operating the company. GGC plans to invest a “significant” amount in business growth and put operational best practices in place.
“ILT has solidified a niche in the custom laser workstation market and through our diligence process we learned that their customers really value the capabilities that ILT possesses,” said John Reinke, a managing director at GGC. “We plan on investing in new systems, processes and people to help manage the growth that the company is experiencing.”
Generation Growth is bullish on niche domestic manufacturing and some health care companies, said Cory Nettles, a managing director.
“GGC really understands the nature of our business,” said Fred Tsuchiya, president and chief executive officer of ILT. “They recognize the value that we bring to our customers through technical expertise, service, and support. Throughout the transaction process GGC recognized the key areas of our business and will provide needed resources to continue to professionalize our company. I look forward to working with GGC to continue ILT’s strong growth.”