FOR IMMEDIATE RELEASE
TREASURER COWELL VISITS MONROE-BASED ITEC, PART OF THE NC
INNOVATION FUND PORTFOLIO
Monroe, NC--Today, North Carolina State Treasurer Janet
Cowell visited Instrument Transformer Equipment Corporation (ITEC) in
Monroe. The company that has recently
received an investment from one of the North Carolina Innovation Fund’s (NCIF)
private equity fund managers, Charlotte-based Falfurrias Capital Partners.
Treasurer Cowell established the Innovation Fund to support and invest in
businesses with significant operations in North Carolina while earning a solid
rate of return for the pension fund. The ITEC story is representative of how
the Innovation Fund is accomplishing both of those goals. Through Falfurrias’
investment, ITEC has recruited an industry-leading CEO in March and acquired
new equipment to expand products and services.
“I am pleased to see the Innovation Fund helping put North
Carolinians to work first-hand at ITEC,” said Treasurer Cowell. “North Carolina is a good investment. We can
protect and grow our pension fund while helping homegrown companies innovate.”
During Treasurer Cowell’s visit today, she met ITEC’s new
CEO, Dave Pacyna, founder John Cochran, and employees of the approximately
60-person company. After discussing the Innovation Fund, Cowell toured the
facilities, including learning about growth opportunities for the company,
which manufactures current and voltage instrument transformers.
“We are honored to host Treasurer Cowell and members of her
team at our plant today. Our products,
made right here in North Carolina, help ensure the safe, reliable supply of
electricity all across our country.
Thanks to investments from the State’s Innovation Fund, our growth
prospects are bright and sustainable,” said Pacyna.
About the North Carolina Innovation Fund
NCIF was established in 2010, with funding from the state’s
$80 billion pension fund, to invest in both private equity funds and companies
with a nexus to North Carolina. The
Customized Fund Investment Group of Credit Suisse was chosen to manage the $232
million Fund, of which $170 million has been committed to seven private equity
managers and 11 companies through co-investments alongside private equity
managers. Despite the still early age of the Fund, the NCIF portfolio is
exhibiting strong performance, with two successful exits to date and multiple
valuation increases since investment.
NCIF fund manager relationships span a broad range of strategies and
include: Carousel Capital, Falfurrias Capital Partners, Frontier Capital,
Hatteras Venture Partners, Kian Capital, Novaquest Capital Management, and
River Cities Capital Funds. To date NCIF
co-investments have helped to attract out of state private equity firms to
invest in NC and supported over 6,200 NC jobs, spanning the state from
Statesville to Wilmington. NCIF’s investments represent a diverse array of
sectors, including healthcare, industrials, financial services, manufacturing,
automotive, software, communications and logistics. NCIF continues to seek
investment opportunities with a nexus to North Carolina.
About Instrument Transformer Equipment Corporation
ITEC, founded in 1993 and based in Charlotte, N.C., manufactures
mission-critical products for the electrical and electric utility industries in
the United States and internationally. ITEC is an original equipment
manufacturer of instrument transformer products for revenue metering and
protective relaying. In each of these application areas, ITEC manufactures both
current and voltage instrument transformers. ITEC’s customers include many of
the nation’s largest investor-owned utilities as well as municipal,
cooperative, and industrial clients, and the company’s products are used
throughout the electrical generation, transmission and distribution systems,
from instrument transformers on nuclear generators to instrument transformers
connected to meters on small industrial facilities. For more information, visit
About Falfurrias Capital Partners
Falfurrias Capital Partners, founded by former Bank of
America Chairman and CEO Hugh McColl Jr. and former Bank of America Chief
Financial Officer Marc D. Oken, is a Charlotte-based private equity investment
firm focused on acquiring or investing in a diverse portfolio of middle-market
companies operating in the southeastern U.S. By leveraging the extensive
strategic and operational experience and business relationships of the firm’s
principals, Falfurrias Capital Partners is positioned to be a value-added
partner for both its portfolio companies and its limited partners. For more
information, visit www.falfurriascapital.com.
About the Customized Fund Investment Group
The Customized Fund Investment Group (“CFIG”) is one of the
largest and deepest investment teams dedicated to private equity investing. As
of December 31, 2012, CFIG manages over $31 billion (1) in commitments to
private equity funds of funds and co-investments, both in the U.S. and
internationally. CFIG’s 140
professionals are based at the group’s offices in New York, London, Hong Kong,
Singapore, Austin, Columbus, Detroit, Los Angeles, Portland and Raleigh.
CFIG specializes in developing customized private equity
investment programs that address the specific needs of investors. CFIG develops
fund investment programs for active institutional investors who have a specific
portfolio needs, and for emerging institutional investors who have a need for
assistance with asset allocation, portfolio development and administration, due
diligence, and other advisory services, or any combination thereof. Once
established, CFIG takes a service-oriented, long-term partnership approach to
its customized accounts. CFIG’s clients include sophisticated institutions and
high-net worth investors.
1. Includes approximately $6.7 billion of commitments
relating to funds that CFIG currently manages, but which were not raised by and
which were not invested by CFIG.