Balmoral Funds, a Sawtelle-based private equity fund, completed two back-to-back acquisitions last month: DWFritz Automation LLC and Xirgo Technologies. Terms of both were not disclosed.
Formerly the insights business division of Sensata Technologies based in Massachusetts, the newly rebranded Xirgo is an Internet of Things solutions company in Illinois specializing in telematic hardware, artificial intelligence-powered driver cameras and more.
Balmoral Vice President Clay Baker will serve as a board member at Xirgo.
“As an independent entity, Xirgo is now positioned to focus on what it does best – delivering cutting-edge AI enabled IoT solutions… The market can expect a renewed, acute focus on innovation and customer service,” Baker said in a statement.
Xirgo develops more than 1.6 million devices per year and sees tens of millions in annual revenue. It provides insights to fleet operators to enhance safety and efficiency.
While terms were not disclosed, Balmoral said it plans to invest “substantially” in Xirgo and notes that its typical investments range between $10 and $120 million.
The other acquisition, Oregon-based DWFritz, is a nano-automation solutions and precision metrology provider. According to a statement from Balmoral, the company “is debt-free with a significant cash balance to invest in growth.”
“With its new leadership, refined strategy, and key partnerships, DWF is set to drive innovation, accelerate growth, and establish new standards in advanced automation, while better serving customers in multiple dynamic sectors including medtech, electronics, e-mobility and energy, among others,” Balmoral said in a statement.
Using its custom software, DWFritz has designed flexible architectures, high quality sensors, machine vision systems and robots, according to its website.
Through this acquisition, Balmoral selected Michael Pacione who has worked in the automation industry for more than three decades to serve as chief executive of DWF.
“By upgrading our technology, refining business processes, and advancing software development, we are positioning DWF for sustainable growth and operational efficiency,” Pacione said in a statement.
