E-Mon, an electric submetering market leader and manufacturer of the widely installed E-Mon D-Mon® product line, announced its sale by Hunt Power, L.P. to the E-Mon management team backed by private equity investor Branford Castle, Inc.
closed February 12 for an undisclosed amount. The management buyout, marked by
the return of Don Millstein, is seen as a positive move both by E-Mon employees
and outside sales representatives, many of whom knew Millstein during his 1991-2004
tenure as E-Mon president. Current employee levels and facilities will remain
intact within the newly formed EMon, LLC.
excited about re-establishing E-Mon as an independent company,” Millstein said.
“This transaction allows us, with Branford’s help and resources, to meet the
challenges of our expanding international base of commercial, industrial, and
institutional users.” Long-time E-Mon employee, engineering VP Dave
Bovankovich, added, “We’re thrilled at the prospect of rededicating our full
engineering resources to maximize our core submetering business by accelerating
the development and sale of innovative new projects like our recently
introduced wireless system.”
As president and CEO, Millstein’s focus will be
on the company’s traditional submetering business. Elements of the strategy
will include identifying new markets for existing products and improving the
company’s manufacturing and operational efficiencies. In parallel, Millstein
will spearhead development of innovative new technology, both metering and
non-metering, that will leverage E-Mon’s extensive international sales
distribution channel, considered one of the best in its industry.
E-Mon acquired by Branford Castle, Inc. and E-Mon Management
February 28, 2007