Press Release: E-Mon Acquired by Branford Castle & E-Mon Management
Former president returns to E-Mon to further strengthen customer support and continue development of innovative submetering technology.
Langhorne, PA - February 27, 2007 - E-Mon, the electric submetering market leader and manufacturer of the widely installed E-Mon D-Mon product line, announced its sale by Hunt Power, L.P., to the E-Mon management team backed by private equity investor Branford Castle, Inc. The transaction closed the 12th of this month for an undisclosed amount. The management buyout, marked by the return of Don Millstein, is seen as a positive move by both E-Mon employees and outside sales representatives, many of whom knew E-Mon during his 1991-2004 tenure as E-Mon president. Current employee levels and facilities will remain intact within the newly formed E-Mon, LLC.
"We're very excited about re-establishing E-Mon as an independent company," Millstein said. "This transaction allows us, with Branford's help and resources, to meet the challenges of our expanding international base of commercial, industrial and institutional users." Long time E-Mon employee, engineering VP Dave Bovankovich, added, "We're thrilled at the prospect of rededicating our full engineering resources to maximize our core submetering business by accelerating the development and sale of innovative new projects like our recently introduced wireless system."
As President and CEO, Millstein's focus will be on the company's traditional submetering business. Elements of the strategy will include identifying new markets for existing products and improving the company's manufacturing and operational efficiencies. In parallel, Millstein will spearhead development of innovative new technology, both metering and non-metering, that will leverage E-Mon's extensive international sales distribution channel, considered one of the best in its industry.
As a "hands-off" behind-the-scenes partner, Branford will leave responsibility for daily operations to E-Mon management. Branford will add value by providing strategic advice and capital strength, by managing "bolt-on" acquisition initiatives and by providing "door-opening" relationship opportunities to facilitate growth. Branford (www.branfordcastle.com) is a family-run, New York-based investment firm whose successful "buy, grow and hold" strategy has worked with numerous established, small-to-medium-sized businesses for more than 20 years.
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