Bristol-based company secures $4.5 million investment

Posted By: David Fortier May 1, 2024

A Bristol-based company has secured $4.5 million in funding from a leading investor that will allow for the business to expand its operations, including the possibility of bringing as many as 30 new jobs to the area, according to a release making the announcement earlier today.

Whitman Controls, an industry leader in custom design and the manufacturing of pressure, vacuum, level and temperature switches, said it plans to use the funds to purchase new equipment and to expand its offerings into new industrial sectors.

The funding comes from Advantage Capital, headquartered in New Orleans, working in cooperation with the state’s InvestCT program, which provides funding opportunities to entrepreneurs unable to attract traditional forms of capital.

The program has created more than 1,500 jobs between 2016 and 2023. It has been instrumental in funneling financing to small businesses and targeted municipalities that have historically lacked investment, as well as pre-seed and early-stage businesses looking to get their start in the state, according to the release.

Whitman Controls is owned by LDR Growth Partners LP (“LDR”) located in Washington. D.C., a company which, according to the release, is a people-focused investment firm that supports growth-oriented businesses, management teams, and entrepreneurs with equity capital and precision support to scale operations and maximize returns under values of trust, service, creativity, and discipline.

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