03 Oct Myotek Industries Partners with New Water Capital for Growth
An affiliate of New Water Capital L.P., a Boca Raton-based private equity firm focused on lower-middle market companies, announced today it has made an investment in leading Tier 1 OEM transportation LED lighting designer, manufacturer and supplier Myotek. Specializing in automotive forward lighting, Myotek is a supplier of fog lamps for several OEM automakers and other vehicle manufacturers. Based in Irvine, California, the company has sales and service locations in Detroit, Michigan; Stateline, Nevada; Dallas, Texas; Houston, Texas; Lockport, Illinois; and Fishers, Indiana, and manufacturing facilities located in Taiwan, Hong Kong and Guangdong, China.
Myotek was founded in 1997 and quickly made its reputation as a creator of innovative lighting products, such as police spot lamps, and by 2002 had established itself with major automakers. The company’s owner, Robert Harrington, who will continue as president of the company, said the partnership with New Water will provide the capital needed for the next stage of Myotek’s growth. “New Water has a proven track record of providing a strong financial foundation to allow middle-market companies like ours make the transition to their next stage of growth. Further, New Water’s support will allow us to continue to innovate and build best-in-class products to suit our customers’ needs.” Harrington said. “The capital investment will also allow us to speed up production and improve service to our customers.”
New Water Capital Partner Brian McGee said Myotek is a great example of a company that has taken all the right steps to build its reputation of offering cutting-edge solutions to top manufacturers. “We are excited to work with a company that is so dynamic and responsive to the latest technological advances, as well as one that is so highly regarded by its suppliers and customers for its reliability and attention to quality,” McGee said.
About New Water Capital, L.P.
New Water Capital, L.P. is a private equity firm focused on lower-middle market companies in transition, in the consumer, retail and industrial manufacturing and services sectors, with revenues of $30 million to $300 million. New Water Capital’s collaborative transaction and operating model is built specifically to support companies in transition, building on their unique cultures and strengths. For more information, please visit www.newwatercap.com.