ECI sparks Harvard Engineering deal

The investment will be used to increase employee numbers from 300 to 500 and increase the company's product range, as well as to build a new R&D and manufacturing facility.

ECI was introduced to the company around two years ago by Park Place Corporate Finance, which met Harvard's CEO and founder, John McDonnell, at a growth business event in 2007. Park Place ran a formal process over the summer of 2013, which attracted 15 bidders and saw ECI emerging as the successful suitor.

Company
Founded in 1993, Harvard Engineering's product range includes LeafNut, a wireless control and monitoring system for street lighting, and CoolLED, a range of switchable drivers for LED lighting. The company recently introduced EyeNut, an indoor lighting control system, to its range.

The company has enjoyed impressive growth over the last three years, doubling both employee numbers and turnover. It has opened offices in France, Italy, Germany and the US as it looks to increase exports. As of the end of 2011, export business accounted for 25% of turnover.

People
John McDonnell is managing director of Harvard Engineering. Mark Keeley is an investment director at ECI.

Advisers
Vendor - Squire Sanders (Legal); Park Place Corporate Finance (Corporate finance). 
Equity - PwC (Financial due diligence); LEK (Commercial due diligence); AT Kearney (Operational due diligence); EY (Tax due diligence); Pinsent Mansons (Legal); KPMG (Financial due diligence). 

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