LONGMONT – Boulder-based Droplet Measurement Technologies began the process this week of moving to Longmont and announced that Chicago-based investment firm Benford Capital Partners LLC has purchased a controlling stake in the company.
Terms of the acquisition were not disclosed.
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DMT makes testing and measurement instruments for three main applications: cloud-, water- and ice-particle research; black-carbon measurement and atmospheric research; and airborne bio-aerosol measurement.
Droplet Measurement Technologies moved from 2545 Central Ave. in Boulder to 2400 Trade Centre Ave. in Longmont.
Officials for DMT could not be reached Thursday, and a Benford official declined to comment on the number of employees at DMT or other aspects of the deal.
Benford officials said in a news release that DMT chief executive Bob McAllister will continue to run the company.
“DMT was looking for an experienced investor and advisor to smaller companies to help facilitate our ownership transition and position the company for long-term growth and success,” McAllister said in the release. “Benford Capital’s focus on niche market leaders and, specifically, its successful track record in the test and measurement industry made them an ideal fit for us.”
Benford holds controlling stakes in 14 companies. The firm targets companies with earnings before interest, taxes, depreciation and amortization of between $1 million and $5 million.