STERLING HEIGHTS — The Sterling Heights-based electronics technology firm Lighthouse Molding Inc. Thursday announced an agreement for a credit facility from New York City-based Saint Amour Capital Partners LLC and other investors.
The size of the credit wasn’t announced, but the company said in a statement that the facility “adequately fund the company’s current capital needs and to allow for the further expansion of LMI’s business.”
“The partnership we are entering with SACP gives us tremendous flexibility to pursue sustained growth while continuing to provide first class service to our customers,” Scott Reisfeld, chief marketing officer of Lighthouse Molding, said in a statement. “This financing will allow Lighthouse Molding to further exploit its technological advantages in electronic assembly encapsulation.”
LMI’s Sureshot technology significantly improves the production cost of low pressure overmolding technology, a major advance in the protection of electronic assembles, allowing for lighter pieces with complete encapsulation. LPO replaces conformal coating and potting, offering better protection at lower costs than these legacy technologies in most cases.
The SACP credit facility comes on the heels of a loan LMI obtained from Automation Alley, a technology business association and business accelerator based in Troy.
“The loan from Automation Alley validated our business plan at one level, while the credit facility from SACP allows LMI to step up to a new level and takes care of our working capital needs for the foreseeable future,” Reisfield said.
Saint Amour Partners is a boutique merchant banking firm that with its investment partners has executed more than $30 billion in equity and debt financings and merger transactions.
Founded in 2005, Lighthouse Molding is privately held and has six employees. It is currently planning to add two engineers before year’s end. More at www.lighthousemolding.com.