Novi, MI —Chicago Miniature Lighting, LLC (CML), a Michigan based supplier of lighting systems to the automotive market, announced today the increased ownership of their existing control shareholder, private equity group Comvest Partners (“Comvest”).
“We are delighted by the confidence Comvest, our financial partner, has shown in us. Comvest and our management team now control 100% of the equity in the Company. Comvest has been a great partner in helping us execute through a rapid growth period and we look forward to continuing to build on our relationship. Adoption of ambient lighting technology throughout the global automotive industry is continuing to evolve rapidly, becoming the standard in most leading brands today, and this 100 year old company is well positioned to be at the forefront of this continuing curve,” said Chief Executive Officer Shamel Rushwin.
“We are very excited to be partnering with OEM’s and Tier I suppliers in creating a road map for interior lighting. To be in this segment early has positioned the Company with the leadership to provide the latest technology and low cost solutions to our partners.” said Director of Sales and Program Management Srinivas Akkala.
Robert O’Sullivan, Partner at Comvest, added, “This increase in ownership whereby Comvest and the current management team own all the equity in the Company adds further comfort to all the customers and suppliers. It positions the company to take full advantage of this growth opportunity within the auto supply chain. We are proud of the responsibility the management team has taken on over the course of this last year focusing on quality and delivery and most importantly continuing to supply our customers with innovative industry leading parts, taking interior lighting to a new level. Our investment demonstrates our confidence in the team to continue to do an outstanding job.”
For more details, visit http://www.chml.com