Magnetek to sell off division
Magnetek Inc. announced plans to sell its Telecom Power Systems business, which is based in Menomonee Falls.
The division, which generated approximately $16 million of Magnetek’s total sales of $103.8 million in fiscal 2007, employs about 25 people in Menomonee Falls and another five people in a sales office in Dallas, Texas.
Magnetek said it will focus its efforts on enhancing shareholder value through investment in and growth of its core power control and systems businesses, as well as strategic acquisitions in its product lines serving the material handling, elevator, and alternative energy industries.
“Magnetek’s strategy is to focus on our core businesses where we have growth opportunities and a sustainable competitive advantage,” said Magnetek chief executive officer David Reiland.
As previously announced, Magnetek recently acquired the assets of Enrange LLC of Canonsburg, Pa., a wireless control manufacturer providing radio remote controls for the material handling, industrial, hydraulic and rock mining industries.
Beginning with the fourth fiscal quarter, Magnetek will account for the Telecom Power Systems business as a discontinued operation.
Rockwell to acquire California software company
Milwaukee-based Rockwell Automation Inc. announced it has reached a definitive agreement to acquire Incuity Software, Inc., a privately held company that is a leading supplier of Enterprise Manufacturing Intelligence (EMI) software.
Headquartered in Mission Viejo, Calif., Incuity manufactures software that provides real-time intelligence for business decision support to improve operations and reduce production waste by providing valuable management insight into a company’s operations.
Financial terms of the transaction were not disclosed.
“This acquisition is a key milestone in the continued expansion of our FactoryTalk software suite,” said Kevin Roach, vice president of Rockwell Software. “Their newest software, IncuityEMI 2.6, easily integrates many disparate information sources from production operations and other enterprise systems. IncuityEMI 2.6 delivers unique insights into enterprise performance and key operational metrics, and empowers personnel to drill down and analyze the root causes associated with manufacturing problems. Combining Incuity’s capabilities with the FactoryTalk integrated production management and performance suite will create tremendous value for our customers.”
Doug Lawson, CEO, Incuity Software, said: “Getting enterprise manufacturing information into the hands of decision-makers now is a vital business need. IncuityEMI is the most innovative and exciting application in the market for this purpose. This acquisition combines our business with the resources, technology, customer base and global delivery capabilities of Rockwell Automation and will be good for our customers. Rockwell Automation is the perfect partner for Incuity.”
Milwaukee private equity group invests in Chicago company
Lakeview Equity Partners LLC, a Milwaukee-based private equity fund, has purchased a majority interest in Travel Technology Group, a Chicago-based travel coordinator for large events.
Financial terms of the acquisition, which closed Thursday night, were not disclosed.
“Travel Tech is an attractive company because of its profitability and growth potential, but also because of the resoundingly positive feedback we received from its stakeholders, both internal and external,” said W. Kent Velde, president of Lakeview Equity Partners.
The founders and co-owners of Travel Technology Group will retain a minority equity interest in the company. The company’s senior management will be retained and will manage day-to-day operations while working with Lakeview Equity Partners to devise future growth strategies.
Travel Technology Group provides event organizers and their customers with full-service housing and travel solutions, using award-winning technology. For example, the company has been named the official housing bureau of the upcoming Republican National Convention in the Twin Cities and is charged with managing the convention’s hotel block and coordinating a paperless, online reservation system.
“This new partnership allows us to expand our business and invest more in our people, while remaining true to the clients who have paved the way for our current success,” said Bob Derham, managing director of Travel Tech. “Considering the investment criteria of Lakeview Equity Partners, this strategic partnership is a confirmation of Travel Tech’s dedication to the industry, our clients and our clients’ customers.”
Travel Technology Group is the fifth investment made by Lakeview Equity Partners. The company’s portfolio includes 5 Alarm Fire and Safety Equipment of Fort Atkinson; Automatän, based in Plover; Firehouse Animal Health Centers in Denver, Colo.; and LS Research, based in Cedarburg.
