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May 1, 2024

Bristol manufacturer secures $4.5M investment, plans to add jobs

A Bristol-based design and manufacturing company has secured a $4.5 million investment that it says will help grow the company and add up to 30 new jobs.

Whitman Controls, which designs and manufactures pressure, vacuum, level and temperature switches, received the investment from New Orleans-based Advantage Capital in conjunction with InvestCT, a state incentive program that offers funding to entrepreneurs who have had issues securing traditional forms of capital to grow their businesses.

Whitman Controls, which is owned by Houston-based private equity firm LDR Growth Partners, said it plans to use the funds to purchase new equipment to expand its manufacturing capabilities and distribution channels. The company also plans to use the money for certain acquisition opportunities in the industrial sensors segment.

In all, the company expects the new funding to bring up to 30 new jobs to the area through different avenues of investment.

According to data from the state Department of Economic and Community Development, the InvestCT program has created more than 1,500 jobs since 2016. The program specifically targets small businesses such as Whitman Controls or pre-seed and early-stage companies looking for financial assistance.

Advantage Capital is an investment firm that targets underserved markets. Since 1992, the company said it has invested over $4.1 billion in over 900 companies.

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