Littlejohn & Co., a private investment firm that applies an operational approach to building middle-market companies, today announced that it has completed the previously announced acquisition of ITT Corporation's (NYSE: ITT) global switch business.
The new stand-alone company will be called CoActive Technologies, Inc. CoActive Technologies manufactures electromechanical switches, interface controls, keypads and dome arrays, for a variety of industries including industrial equipment, mobile communications, computer and automotive.
Brian Ramsay, a Managing Director at Littlejohn, said, "We are excited about this investment and look forward to working with management to build CoActive Technologies into a stronger global provider of switching technology. The company is a service-oriented organization with a unique portfolio of technologically advanced products that are used in a wide variety of applications in attractive end markets."
Littlejohn has a long history of investing in corporate carve-outs and has successfully executed a number of these transactions working alongside some of the world's leading corporations including General Dynamics, Goodyear Tire & Rubber, General Electric, ITT, and Magnetek.
David A. Bland, president of CoActive Technologies said, "As an independent company with a new name and new investors, we are well positioned for continued growth and profitability. I am highly confident that we can provide our customers with continuously improving performance through ongoing enhancement of our products and service."
About Littlejohn & Co., LLC
Founded in 1996, Littlejohn & Co., LLC is a Greenwich, Connecticut-based control-oriented private equity firm seeking investment opportunities in the middle market sector that are undergoing a fundamental change in capital structure, strategy, operations or growth that can benefit from its operational and strategic approach. The firm's professionals manage three funds with committed capital of approximately $1.6 billion. The firm is currently investing from Littlejohn Fund III, L.P. which has $850 million in capital commitments. For more information, visit www.littlejohnllc.com, or Littlejohn can be reached at 203-552-3500.