UK

Whitman Controls funding news – Whitman Controls Secures $4.5Million in Funding

May 2, 2024 | By Startup Rise EU

Whitman Controls, LLC. , an industry leader in the custom design and manufacturing of pressure, vacuum, level, and temperature switches, secures $4.5million in funding led by leading impact investor Advantage Capital.

Whitman Controls, LLC. ,an industry leader in the custom design and manufacturing of pressure, vacuum, level, and temperature switches, secures $4.5million in funding led by leading impact investor Advantage Capital.

SUMMARY

  • Whitman Controls secures $4.5 Million from Advantage Capital to Spur Business Expansion.

The Bristol-based company will leverage the capital to support business growth initiatives and bring as many as 30 new jobs to the area.

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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.

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Scott Boulanger, General Manager of Whitman Controls said, “Over the past several years, we have been steadily growing revenue and increasing our customer base, 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.

Tim Perusek, Principal, Advantage Capital said, "Our investment in Whitman Controls is a fantastic example of the types of businesses we look for when we invest, 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.

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.

JD Dolan, Partner, LDR said, “In 2019, LDR recognized Wh man Controls' inherent potential to not only become a leader in the industrial controls sector but also to solidify and expand its core business, 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.

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