BRISTOL, Conn.--(BUSINESS WIRE)--Whitman Controls, LLC. (‘Whitman Controls‘), an industry leader in the custom design and manufacturing of pressure, vacuum, level, and temperature switches, today announced it secured a $4.5 million investment led by leading impact investor Advantage Capital. The Bristol-based company will leverage the capital to support business growth initiatives and bring as many as 30 new jobs to the area.
Whitman Controls plans to use the new financing to support the purchase of new equipment to expand manufacturing capabilities and new distribution channels. Additionally, the financing will support strategic bolt-on acquisition opportunities in the industrial sensors segment, strengthening Whitman Controls’ position as a one-stop solution for industrial controls.
“Over the past several years, we have been steadily growing revenue and increasing our customer base,” said Scott Boulanger, General Manager of Whitman Controls. “This capital comes at a pivotal time as we continue to scale our operations. We are thankful for this funding, which serves as an excellent example of the private sector partnering with the public sector to accelerate growth in our state.”
For more than 40 years, Whitman Controls has sold its products to customers, including Fortune 500 companies, across a wide variety of industrial markets, ranging from oil and gas to technology and medical devices. This combined expertise ensures a comprehensive suite of high-quality products, streamlining operations and enhancing system reliability for customers.
"Our investment in Whitman Controls is a fantastic example of the types of businesses we look for when we invest,” said Tim Perusek, Principal, Advantage Capital. "This company is ready for growth and well positioned to create quality jobs and drive increased economic activity within its community.”
The investment from Advantage Capital was made in connection with the InvestCT program, which opens up funding opportunities to entrepreneurs unable to attract traditional forms of capital. According to the Connecticut Department of Economic Community Development, the program created more than 1,500 jobs between 2016 and 2023. It has been instrumental in funneling financing to small businesses and targeted municipalities that have historically lacked investment, as well as pre-seed and early-stage businesses looking to get their start in the state.
Whitman Controls is owned by LDR Growth Partners LP ("LDR"), a people-focused investment firm that supports growth-oriented businesses, management teams, and entrepreneurs with equity capital and precision support to scale operations and maximize returns under values of trust, service, creativity, and discipline. LDR is led by a five-person cross-functional leadership team and was founded in 2011 by U.S. Army Officers, with a common vision for business leadership and the power of building, supporting, and leading exceptional teams while growing the legacies of North American companies over the long term.
Advantage Capital’s investment has provided Whitman Controls with capital to fund LDR’s continuing efforts to help facilitate operational improvements and expansion of the company.
“In 2019, LDR recognized Whitman Controls' inherent potential to not only become a leader in the industrial controls sector but also to solidify and expand its core business," said JD Dolan, Partner, LDR. "Whitman Controls is now uniquely positioned to deliver high-quality, customized products across diverse manufacturing applications and fuel significant growth within the American manufacturing industry itself, creating a ripple effect that strengthens the sector as a whole.”
About Whitman Controls LLC
Founded in 1968, Whitman Controls LLC is an industry leader in the custom design and manufacture of pressure, vacuum, level, and temperature switches and sensors. For over 50 years, the company has worked intimately with design engineers at thousands of OEM companies globally to develop unique sensor solutions across numerous applications and industries. Whitman Controls is ISO 9001, UL, and CE Certified.
About Advantage Capital
Advantage Capital is a leading impact investment firm with an emphasis on driving capital to underserved areas. The firm provides flexible financing to growth-ready entrepreneurs and industries located in communities that often lack access to conventional sources of capital. Since 1992, the firm has invested more than $4 billion in more than 900 companies to support more than 67,000 quality jobs. The firm also invests with intention in affordable housing developments and renewable energy solutions to grow economies and communities. Learn more at Advantagecap.com.
About LDR Growth Partners
LDR Growth Partners LP ("LDR") is a people-focused investment firm that supports growth-oriented businesses, management teams, and entrepreneurs with equity capital and precision support to scale operations and maximize returns under values of trust, service, creativity, and discipline. LDR is led by a five-person cross-functional leadership team, and was founded in 2011 by U.S. Army Officers, with a common vision for business leadership and the power of building, supporting, and leading exceptional teams while growing the legacies of North American companies over the long term. LDR has built a successful track record of operationally improving companies across numerous sectors and is also the owner of LDR Advisory Partners and LDR Leadership, firms that focus on improving company, employee, and leadership performance.
Advantage Capital is an Investment Adviser registered with the U.S. Securities & Exchange Commission. Such registration, however, does not imply a certain level of skill or training. This release has been prepared for informational purposes and to announce a prior event, and nothing herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to purchase any securities or investment product. All offers of investment interests in any fund or investment vehicle managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents in accordance with applicable federal and state securities laws. Advantage Capital is an equal opportunity provider.
