Los Angeles, April 18, 2011 – Corridor Capital, LLC is pleased to announce that its portfolio company, Control Devices, LLC completed its third add-on acquisition with the purchase of Drain-All, Inc. The transaction closed on April 15, 2011. Terms were not disclosed.
Founded in 1982, Drain-All designs, manufactures and markets unique product solutions for draining and moving liquids, specializing in condensate removal from compressed air and gas equipment and systems, and offers other products for refrigeration and process equipment. Drain-All’s core product is a pneumatic, zero-loss condensate trap that captures and drains liquid from industrial compressed air and gas systems without discharging expensive compressed air or gas into the atmosphere. Customers’ return-on-investment for typical installation is actualized within months.
Tom Stadtmueller, CEO of Control Devices, stated “Drain-All is widely recognized as the industry expert and “Best in Class” in condensate removal.” Stadtmueller further commented, “We at Control Devices are enthusiastic about collaborating with our new Drain-All team members to expand the production and distribution for each of Drain-All’s products.”
Control Devices engineers and manufactures flow control solutions for a wide range of industries, including pressure washer, fire safety, automotive, air compressor, industrial and food service.
Los Angeles-based Corridor Capital, LLC, acquired a majority interest in Control Devices in June 2007. “Corridor Capital actively supported Control Devices in its third add-on acquisition,” states Craig Enenstein, founder and Chief Executive Officer of Corridor Capital. “We strongly believe in the Control Devices business model and its leadership team and will continue to pursue additional add-on transactions that meet the company’s investment criteria.”
Corridor Capital, LLC is a lower middle market private equity firm investing in the specialty manufacturing, business services and environmental services sectors. Corridor Capital provides far more than capital to US-based small companies—to our knowledge, we are the most actively engaged private equity partner across strategy, operations and finance. Corridor delivers a differentiated level of support through our seasoned investors who have operational experience managing businesses. Corridor focuses on complex situations, particularly those requiring active growth support or operational or financial engagement.