Cathay Capital, a Troy, Michigan-based manufacturer of heating and control systems, has been acquired by Innovative Motion Technologies (IMT), an industrial technology platform specializing in interface and control solutions. The financial terms of the acquisition were not disclosed.
The partnership between Check Technology and IMT is seen as a strategic move by Cathay Capital, as it aligns with their focus on attractive and growing end markets. The acquisition is expected to bring enhanced capabilities and extended market reach for Check Technology under the IMT umbrella.
Mark Woods, a partner at Cathay Capital, expressed excitement about the acquisition in a statement. He highlighted the considerable management and operating resources at IMT that will support Check Technology’s growth opportunities. With Cathay Capital managing over $5.4 billion in assets and investing in the middle market since 2007, the acquisition of Check Technology adds to their portfolio of successful investments.
Check Technology was founded in 1993 and has now become a part of the IMT family under the ownership of Cathay Capital. This collaboration between these companies is set to create new opportunities for innovation and expansion in the industrial technology sector.
