PEI gets venture capital boost
Pump Engineering Inc (PEI), US manufacturer of pumps and turbocharger energy-recovery devices for reverse-osmosis desalination, announced on 26 January 2009 that it had closed a "multi-million dollar" equity investment deal with Plymouth Venture Partners (PVP) earlier in the month.Last year, PEI's sales more than doubled and the plant and workforce increased by 25%.
"We view Pump Engineering as an example of a company that will help re-energize the economy in Michigan - a manufacturer with a great product line that serves a basic human need, improves the energy efficiency of the process, and sells to diverse global customers," said Mark Horne, CEO of Plymouth Management Company, the fund manager for PVP.
Robert Oklejas, president and chairman of PEI, commented, "We are extremely pleased with Plymouth's decision to invest in our company. This is a true partnership, and we welcome Mark Horne's active involvement as a member of our board."