St. Louis, MO, May, 2010
Capital For Business, Inc.® (CFB) announced today that it recently completed the acquisition of Legacy Technologies, Inc. and its sister company Accutek Acquisition, Inc. (LTI or the Company).
LTI is a Mission, Kansas based niche manufacturer and supplier of glass-to-metal hermetically sealed enclosures and related products to original equipment manufacturers and their sub-component suppliers operating in the electronic hardware industry. The Company’s enclosures are typically integrated into electronic components, modules, and ultimately end-products that are designed to: 1) manage and control frequency and timing, or 2) measure physical quantities (act as sensors) such as temperature, pressure, and motion. LTI’s enclosures are predominantly used in products that require high quality fail proof frequency and timing applications. Generally, end-products in which the Company’s Packages are incorporated are sold into one of five broad market categories: commercial, industrial, defense, aerospace and medical.
In addition to CFB, the investor group included Kansas Venture Capital, Inc. and MidStates Capital, both of Overland Park, Kansas. The senior financing of the deal was provided by Great Western Bank.
The acquisition included an investment from key members of the Company’s management. Mickey Finn, President of LTI, commented “The Legacy management team couldn’t be more excited about this new chapter in our history. We are well prepared to leverage the expertise and capital base of our new partners, and we are excited that our investment partners are as passionate about the business as we are.”