MagneMotion, Inc. Raises $7 Million in Growth Capital
June 22, 2011MagneMotion Inc., headquartered in Devens, MA, is pleased to announce that it recently issued a preferred equity interest in excess of $7 million to a shareholder group consisting of Delta International Holding, Massachusetts Capital Resource Company, as well as new and existing individual shareholders. The proceeds from the transaction are being used to fund the Company’s internal growth and accelerate its entrance into new vertical markets. Daybreak Capital Partners, LLC served as financial advisor.
“After years of research and development, our vision for Linear Synchronous Motor technology is now gaining traction, and we want to take advantage of our market opportunities,” stated Todd Webber, President and CEO of MagneMotion. “Our new product MagneMoverTM LITE, considered “game changing” technology by our customers, is beginning to take off and we need to ramp our production, open new distribution channels, and add more modules and functionality to meet our customer’s expectations,” added Webber. MagneMover LITE is an intelligent transport system for light payloads and ideally suited for assembly, process, and packaging applications in industries such as lab automation, medical device, food and beverage, fast moving consumer goods, sterile fill, cosmetics, pharmaceutical, and electronics.
MagneMotion, Inc. is a world leader in advanced, next generation propulsion and control technology providing fast, safe, clean, and efficient transport of goods and people to markets including industrial automation, material handling, defense, and transportation systems. The Company’s products and solutions all leverage its proprietary core expertise and patented technology in the fields of Linear Synchronous Motors (LSM) and Magnetic Levitation Technology (Maglev), as well as related aspects such as positioning, vehicle tracking, and systems control. In all instances, the Company’s products are utilized in “mission critical” aspects of its customer’s operations. (www.magnemotion.com).
Delta International Holding is a Delta Group company. A global leader in power management solutions, Delta Group is rated as the world’s largest provider of switching power supplies and DC brushless fans, and is a major source for components, visual displays, industrial automation, networking products, and renewable energy solutions. Delta Group has sales offices worldwide and manufacturing plants in Taiwan, China, Thailand, Mexico, India and Europe. As a global leader in power electronics, Delta’s mission is, “To provide innovative, clean and efficient energy solutions for a better tomorrow.” Delta is committed to environmental protection and has implemented green, lead-free production and waste management programs for many years. (www.deltaww.com).
Massachusetts Capital Resource Company (“MCRC”) is a Boston-based private investment fund which invests mezzanine debt and equity capital in established emerging growth and middle market companies. MCRC was founded in 1977 and takes a long-term investment perspective when committing its capital. The fund’s investments fill the financing gap between traditional senior debt and common equity and are typically utilized to fund strategic growth initiatives and strengthen balance sheets. (www.masscapital.com).
Daybreak Capital Partners (“Run by CEOs to Serve CEO’s”) is a specialty investment banking firm predominately serving companies in the middle and lower middle markets. (www.daybreakcapital.com).
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