Lighting
Components and Designed announced today that it has formed a Strategic
Alliance with Bank of America (formerly called NationsBank).
LC&D
President, Jon Cooper said: "Sales of our Leecraft and Littelites
lines of miniature lighting components grew 40% in 1999, and doubled
in just a few years. As a fast growing company, we need support and
services that extend far beyond merely providing funds and checking
account services.
"We
require professional financial advice and guidance, merger and acquisition
support, etc. Bank of America was our logical choice, especially after
they increased their presence in South Florida through the recent merger
with NationsBank."
Doug Roberts,
Senior Vice President at Bank of America added: "NationsBank (now
Bank of America) has been LC&D’s banker ‘from day one’
and we are excited about this opportunity to join in a Strategic Alliance
with them.
"Initially
Bank of America will provide a "seven figure" increase to
LC&D’s current credit facility at a reduction in loan costs
to considerably better than prime rates. That line will be expanded
as required to support growing investment and future business acquisitions."
Today Jon
Cooper, President of Lighting Components and Design, Inc. (LC&D)
announced it has formed a Strategic Alliance with Bank of America (formerly
called NationsBank).
Cooper
said: "This alliance with Bank of America will expand our access
to the capital markets significantly, providing short term and long
term financing for current operations, growth and potentially, for future
acquisitions
"Sales
of our Leecraft and Littelites lines of miniature lighting components
grew 40% in 1999, and doubled in just a few years.
"As
a fast growing company, we need support and services that extend far
beyond merely providing funds and checking account services.
"One
key element of our growth plan is LC&D’s ‘Selective Strategic
Acquisition Plan’ focusing on horizontal integration by acquiring
product lines and companies having similar manufacturing processes,
and ‘orphan’ product lines of much larger companies."
"Our
first Selective Strategic Acquisition was the Leecraft Product line
six years ago. Last year our second Selective Strategic Acquisition
was the Littelites Product line acquired in 1999 from Littelfuse, a
$250 million dollar company listed on the NYSE.
"As
a fast growing company, we need support and services that extend far
beyond merely providing funds. We require professional financial advice
and guidance, merger and acquisition support, etc. Bank of America was
our logical choice, especially after they increased their presence in
South Florida through the recent merger with NationsBank.
Doug Roberts,
Senior Vice President at Bank of America said: "NationsBank (now
Bank of America) has been LC&D’s banker ‘from day one’
and we are excited about this opportunity to join in a Strategic Alliance
with them.
"Initially
Bank of America will provide a "seven figure" increase to
LC&D’s current credit facility at a reduction in loan costs
to considerably better than prime rates. That line will be expanded
as required to support growing investment and future business acquisitions."
"Long
term our main contribution will be in the nature of merger and acquisition
support and consulting services."
Cooper
closed by saying, "When the right acquisition opportunity arises,
it is great having the added confidence that comes from knowing we have
the financial resources of Bank of America in our corner."
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