New investors and an ambitious growth plan have been announced by the management of Lapp Insulators, based in Le Roy, according to the Democrat & Chronicle.
With 125 employees in Le Roy and more than 1,000 worldwide, the management team of Lapp presented a growth plan to the company's ownership group, Andlinger & Co., which saw potential in the plan but felt the management group should seek outside funding to execute the plan.
German-based equity investors Quadriga Capital bought out Andlinger.
Officials say the plan could lead to increased employment in Le Roy.
The Genesee County manufacturer sees growth opportunities in the United States and particularly in fast-growing international markets.
Lapp's annual sales are close to $180 million and, with Quadriga's financial backing, the hope is for revenue to climb to $250 million to $300 million by the middle of this decade. Lapp was No. 10 in the most recent Rochester Top 100 ranking of the region's fastest-growing private companies.