CHICAGO, July 19, 2018 – Mesirow Financial acted as the exclusive financial advisor to Midtronics, Inc. ("Midtronics") on the divestiture of its Stationary Power Division ("SPD" or the "Division") to Franklin Electric Co., Inc. ("Franklin Electric") (NASDAQ: FELE). Midtronics SPD's products will now be sold through Franklin Grid Solutions, LLC, a wholly owned subsidiary of Franklin Electric.
SPD is a market-leading provider of industrial battery testing and remote monitoring equipment, software and services for mission critical applications. The Division's solutions provide critical power reliability, compliance, operating efficiency and business intelligence to customers operating in the telecom, data center and electric utility markets.
Jae Kim, managing director of Mesirow Financial's Investment Banking group, said, "We are honored to have represented Midtronics in this transaction. SPD is a leader in the stationary battery testing and remote monitoring space and will benefit greatly as a part of Franklin Grid Solutions' global platform."
The transaction represents another successful assignment completed by Mesirow Financial's Investment Banking group and highlights the firm's expertise within the Industrial Technology sector. With extensive sector-specific expertise and deep, long-standing relationships, Mesirow Financial's team has a proven track record of completing successful transactions.
About Midtronics, Inc.
Midtronics is a worldwide leader and provider of battery testing and management products for transportation battery applications. Founded in 1984, Midtronics remains singularly focused on advancing battery management, supplying customers with innovative battery diagnostic equipment and management solutions. Beyond current technologies, Midtronics continues to develop new technologies and battery management solutions for new battery chemistries and vehicle systems. Visit midtronics.com for more information.
About Franklin Electric Co., Inc.
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and fuel. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal and fueling applications. To learn more, please visit franklin-electric.com.
About Mesirow Financial
Mesirow Financial is an independent, employee-owned firm founded in 1937. As specialists in investment, risk management and advisory services, we are committed to helping our institutional, corporate and individual clients achieve their objectives. Our professionals are inspired by an entrepreneurial desire to develop tailored solutions designed to deliver measurable results. To learn more, please visit mesirow.com.