L&J Technologies is the first acquisition
of the CogneSense platform, which will pursue a buy and build
strategy within the quickly evolving and fragmented Environmental
Sensing and Measuring landscape
L Squared Capital Partners (“L Squared”) and CogneSense are
pleased to announce that they have completed the acquisition of
L&J Technologies (“L&J”). L&J is the first acquisition
made by CogneSense since its founding by L Squared in late 2023.
CogneSense, led by Paul Dhillon, is pursuing a buy and build
strategy with a focus on combining longstanding, trusted, and
leading environmental sensing, measurement, monitoring, and control
businesses with younger companies that add additional technological
innovation and capabilities. The focus of this strategy is the
highly fragmented Environmental, Health, and Safety end-markets
within the broader Sensing and Internet of Things (IoT) market. We
will operationally integrate these companies and add resources that
will accelerate their go-to-market and R&D capabilities while
driving increased operational efficiency at substantially larger
scale.
“We are thrilled to be working with the team at L&J
Technologies as the first acquisition as part of the CogneSense
strategy. Our mission at CogneSense is to leverage innovative
technologies alongside best-in-class companies like L&J, which
have been successfully servicing their customer base for decades.
Lou Jannotta and the team at L&J have built an industry-leading
business, and we are excited to continue providing high-quality
products and services to its loyal customers. Jim Jannotta, Lou's
son, who has been with the company for 25 years and served as VP,
will become the General Manager of the L&J division,” said Paul
Dhillon, Chief Executive Officer at CogneSense.
“I’m thrilled to collaborate with L Squared and CogneSense,
driving L&J Technologies to new heights. Together, we’ll
leverage cutting-edge technologies, enhance our offerings, and
provide even greater value to our loyal customer base,” said Jim
Jannotta, General Manager of L&J Technologies. “I’m also
personally deeply grateful to my father for building this company
from the ground up. His vision and leadership have laid a strong
foundation for our future success.”
“L Squared has worked closely with Paul Dhillon on L Squared’s
Raptor Scientific platform over the last five years, and together
over the last nine months, we have developed the CogneSense
strategy to identify the right foundation for the platform. We are
very pleased to work with L&J as that starting point,” said
Sean Barrette, CogneSense Board Member and Partner at L Squared.
“We are committed to providing the necessary capital and strategic
resources to accelerate growth and build CogneSense into a leading
provider of mission-critical Sensing and IoT solutions to the
Environmental, Health, and Safety sectors.”
CogneSense will continue to actively search for acquisition
targets of all sizes across the Environmental, Health, and Safety
end-markets with a focus on partnering with manufactures of
Sensors, Measurement and Control equipment, IoT Device
Manufacturers, and Monitoring Application Providers.
The L Squared deal team is comprised of Sean Barrette, Tyler
Huez, Jack Foley, and Adam Mokhtarzadeh.
About L&J Technologies
L&J Technologies, founded in 1976, designs, engineers, and
manufactures precision industrial tank level gauging, equipment,
control systems, and solutions for safety and compliance in bulk
storage industrial tank applications. For over 100 years, through
their innovative legacy brands like Shand & Jurs, customers
have depended on and trusted L&J to provide high-quality,
reliable solutions that meet their evolving needs and contribute to
a healthier, safer environment. The company serves a diversified
set of global customers across several growing markets, including
petroleum, petrochemical, chemical, food, pharmaceutical, pipeline,
steel, water, and wastewater treatment industries.
www.lJtechnologies.com
About CogneSense
CogneSense was founded in 2023 by L Squared Capital Partners to
pursue a buy and build strategy within the fragmented Sensing and
IoT market. Empowering a healthier future and planet by protecting
our shared environment and public health through innovative and
sustainable monitoring and control solutions, we deliver reliable
measurement, monitoring, and control solutions for highly regulated
industries. Dedicated to optimizing the world's natural resources
and protecting our environment and public health from hazards and
pollutants, we operate in industries where environmental and
emissions regulations are stringent and continuously evolving.
CogneSense’s solutions help businesses meet these regulatory
requirements efficiently, with an emphasis on secure, real-time
monitoring to improve conservation, safety, and operational
efficiency. For more information, visit www.CogneSense.com.
About L Squared Capital Partners
L Squared Capital Partners is a private equity investment firm
with over $2 billion of equity commitments under management and is
headquartered in Newport Beach, CA, that seeks to make long-term
investments in leading growth companies that operate in targeted
sectors: Education Technology, Tech-Enabled Services &
Software, and Industrial Technology & Services. L Squared’s
unique investor base of family offices and institutions enables the
Firm to focus on long-term value creation driven by revenue and
earnings growth, not financial engineering, or market timing. The
principals of L Squared have worked together for over 15 years and
have over 125 years of combined experience investing in growing
private companies. For more information, please visit
www.LSquaredCap.com.
This press release is for informational purposes only and is not
intended as investment advice or an offer or solicitation with
respect to the purchase of any investment. Investing with any
investment firm is suitable only for qualified investors that fully
understand the risks of such an investment. L Squared Capital
Partners is an investment adviser registered with the United States
Securities and Exchange Commission. Investments with L Squared
Capital Partners are only offered in accordance with applicable
securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240730659036/en/
Paul Dhillon Chief Executive Officer, CogneSense Mobile: (949)
300-3600 pdhillon@lsquaredcap.com
Sean Barrette Partner Office: (949) 398-0178
sbarrette@lsquaredcap.com
Tyler Huez Principal Office: (949) 398-0182
thuez@lsquaredcap.com
Jack Foley Senior Associate Office: (949) 398-0184
jfoley@lsquaredcap.com
Adam Mokhtarzadeh Associate Office: (949) 617-2061
amokhtarzadeh@lsquaredcap.com