July 2004
DeltaPoint Capital Management, LLC Announces Acquisition of Badger Technologies, Inc.
(Penn Yan, NY) DeltaPoint Capital Management, LLC, a Rochester NY-based manager of private equity capital today announced its partnership with management and acquisition of Badger Technologies, Inc. Penn Yan based Badger Technologies, Inc. is a regionally focused contract electronics manufacturer. Badger Technologies currently employees more than 220 people in Yates County.
"We are very pleased and excited about this investment and its meaning for central New York", said David Waterman, Managing Director of DeltaPoint Capital. "The acquisition of Badger is an ideal transaction for DeltaPoint and representative of the type of investments we like to make".
"This investment affords Badger a tremendous growth opportunity" said Rick Cirincione, President and Chief Executive Officer of Badger, said. "With this transaction, we can continue to execute our business plan and significantly expand and enhance the services we can provide to our customers. Of equal importance, Badger will be able to further expand job opportunities for the people of Yates County".
DeltaPoint Capital III's limited partners include the New York State Common Retirement Fund, which has committed $25 million to DeltaPoint Capital III as part of its $270 million in-state investment program. The $117 billion New York State Common Retirement Fund is the nation's second largest public pension fund. Alan G. Hevesi, New York State Comptroller, is the sole trustee of the Common Retirement Fund. The balance of committed capital has been raised among a number of individual and institutional investors.
DeltaPoint Capital III is the third pool of private equity capital managed by DeltaPoint Capital Management, LLC which targets investment in established, privately owned or closely held companies located in New York State. DeltaPoint Capital III plans to invest in as many as 15 businesses over the next five years. The principals of DeltaPoint Capital have been actively involved in providing investment capital to companies in New York State for the past 17 years. Through two prior capital funds and other investments, DeltaPoint's principals have invested in several Western New York companies, and are actively managing four of these prior investments.