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ECI Partners acquires minority stake in Harvard Engineering

12 Nov 2013

lighting_sqUK-based mid-market firm ECI Partners has bought a minority stake in Harvard Engineering, which develops control products for the lighting industry.

Harvard, whose revenues have more than doubled over the past three years, will use the funds to boost its headcount to 500 from 300 and finance the construction of a research and development and manufacturing facility.

The company’s products include wireless control and monitoring system LeafNut, the CoolLED range of switchable drivers for LED lighting and the recently launched EyeNut indoor lighting control system.

ECI investment director Mark Keeley said, “As a growth focused investor we look for businesses which have strong management teams who have driven growth despite the global recession and in particular have expanded successfully overseas.

“Harvard has met all of our growth criteria. We are excited about working with (Harvard managing director John McDonnell) and his team to help the business continue its global expansion.”

In the meantime, ECI is reportedly planning to launch a £500m fund next year.

ECI is already interviewing advisors to help raise the capital, with investment banks Evercore Partners and Lazard bidding for the job, according to Bloomberg.

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