Thursday, August 25, 2011
SAIL Portfolio Firm Makes Acquisition
A portfolio company of Irvine-based venture capital firm SAIL Venture Partners, SNTech, has made an acquisition, SNTech announced earlier this week. SNTech--which has quietly been backed by SAIL since at least 2009--said it acquired the $23.4M, electric motor product line from Regal Beloit Corporation (RBC), as part of an arrangement with the U.S. Department of Justice. Terms of the acquisition were not disclosed. RBC is selling the unit to clear the way for its own, acquisition of another electric motor business, of A.O. Smith. SNTech said that the acquisition will help it expand placement of motors into the pool and spa industry. SNTech says its motors are 33 to 50 percent better, in terms of electricity usage, than other high efficiency AC motors. According to various investment presentations by SAIL, the firm has been heavily involved in management of SNTech, including the recruitment of its entire executive team.