L Capital announces investment in GAL Manufacturing, leading manufacturer and distributor of elevator components and systems
SAN FRANCISCO, CA – L Capital LLC is pleased to announce its third equity investment by its inaugural fund, L Capital I LP. The minority investment in GAL Manufacturing was made in partnership with Golden Gate Capital, a San Francisco-based private equity firm with over $15 billion in committed capital. Headquartered in the Bronx, NY, GAL Manufacturing has been in operation since 1927 and is the world’s leading designer, manufacturer, and distributor of elevator components and systems. The Company supplies nearly every electromechanical component used on elevator systems to customers ranging from independent elevator contractors to leading elevator OEMs.
LR Group, L Capital’s executive search affiliate, was engaged by Golden Gate Capital to assist with two pre-deal diligence and talent activities that resulted in expert introductions and the hiring of an outside Board member who was previously a business unit head at Otis Elevator. L Capital made a minority investment in July 2017.
“We are excited to partner with Golden Gate Capital and support the growth and expansion of a company with such an impressive 90-year track record in the elevator industry,” commented Bart Foster, Managing Partner at L Capital.
About L Capital
L Capital is a specialty private equity firm focused on the technology, media and telecommunications (TMT) sector. L Capital makes equity co-investments alongside leading buyout and growth equity funds and provides advisory services including diligence support and deal origination. The affiliation with Renovata & Company provides access to a global talent network, proprietary deal flow, and relationships with 50 of the top 100 private equity firms ranked by assets under management.
L Capital is led by its co-founder and managing partner, Bart Foster. Bart is an experienced private equity investor who has made over $360M of private equity investments in the technology sector.
Founded in 1927, GAL is comprised of G.A.L. Manufacturing Corporation, G.A.L. Canada Elevator Products Corporation (managed by Steve Husband), and Hollister-Whitney Elevator Corporation (managed by Frank Musholt and Brian Musholt). The Company supplies nearly every electromechanical component used on elevator systems, including door operators and associated door equipment, geared and gearless traction machines, universally compatible microprocessor controllers, safety components, signal fixtures, push button panels, and structural assemblies. The Company sells products to a diverse range of customers including thousands of independent elevator contractors and large elevator OEMs.