The LTI operation was started in 1999 and has captured a significant share of the global cinema xenon lamp market. This transaction returns LTI to its independent, entrepreneurial roots, after the business was acquired in 2007 by Philips.
"We see substantial growth opportunities in the cinema and other specialty lighting markets, and we look forward to working with management to build the business," said Christian L. Oberbeck, Managing Director of Saratoga Partners. "We believe that we are well positioned to acquire and grow LTI as a stand-alone entity building on our history of successful acquisitions in the lighting space, track record of growing revenues and improving profitability of our lighting businesses, and long history and success in acquiring and building similarly sized companies."
About Saratoga Partners
Saratoga Partners ("Saratoga") is a New York based manager of equity and debt-focused investment funds. Since 1984, Saratoga's equity investment funds have acquired or invested in 35 portfolio companies with aggregate enterprise valuations approximating $3.7 billion in the manufacturing and business-services industries. Through Saratoga Investment Advisors, Saratoga also manages Saratoga Investment Corp., a NYSE (SAR) traded Business Development Company with current portfolio investments in some 30 companies.