A New Orleans-based private equity and venture capital firm announced Tuesday it is making an $11.5 million investment in a family-owned company headquartered in Windsor that will allow the Connecticut company to expand its workforce by nearly 25%.
Advantage Capital's investment in Specialty Printing, a family-owned company located at 123 Day Hill Road in Windsor, will allow the company to add another 50 new workers to its employee base of 215. Specialty Printing is a family-owned business that makes labels, packaging, tags, and electronic signs which can be found in retail stores, grocery stores, hospitals and medical facilities, restaurants, distribution centers, post offices, and warehouses across the country.
The investment will also provide capital for Specialty Printing to enhance more efficient operations at the company's 330,000-square-foot manufacturing facility in Windsor. Bill Bailey, chief executive officer of Specialty Printing said Advantage Capital's investment "comes at a critical time in our company’s growth trajectory."
"This funding provides us with the financial flexibility needed to execute our growth strategy, continue innovating in sustainable labeling solutions, and support our customers nationwide with high-quality label products," Bailey said in a statement.
Tim Perusek, principal of Advantage Capital, said the investment "underscores our commitment to supporting small businesses that drive economic growth and innovation."
"Specialty Printing has demonstrated resilience and adaptability in a competitive industry, and we are excited to help strengthen its financial position and enable its continued success," Perusek said.
Specialty Printing was founded in 1978 and has developed a major presence in the grocery, medical, and logistics industries around the country. The company has satellite offices in Tampa, Florida; Troy, Ohio; and Fullerton, California.
The funding was facilitated by the state's InvestCT program. which is designed provide small companies to expand and add jobs. Officials at Connecticut's Department of Economic Community Development said Tuesday that the program created more than 1,500 jobs between 2016 and 2023.
State Representative Jane Garibay, D-Windsor, said the investment in Specialty Printing "demonstrates how strategic capital deployment can help companies thrive, create jobs, and contribute to our local economy."
Advantage Capital has a track record of investing in companies with a Connecticut presence.
The company made a $4.5 million investment in Whitman Controls in Bristol last year. Advantage Capitals. And HABCO Industries, which produces equipment used in the servicing of Sikorsky Aircraft's Black Hawk helicopters, is one of the businesses listed in Advantage Capital's portfolio of companies.