“Our company had performed well in its thermal printer markets, but by tapping ClearLight’s experience, we were able to round out the management team and clear the way for the company’s transition to the next level.”
FutureLogic was founded in 1983 as an electronic design consulting business. By 2002 the Company had grown into a leading designer and manufacturer of small format thermal printers, primarily serving the gaming industry. As a successful young company, FutureLogic was facing the challenges of rapid growth, attempting to scale its processes, systems, and facilities, and upgrade and deepen its management team. The Company was owned by three primary shareholders, two of whom – the Meyerhofer brothers – wanted to continue to expand the business and create additional value. At the same time, they wished to diversify their net worth. The third shareholder wanted to exit the business.
In late 2002, ClearLight purchased a majority interest in FutureLogic. The Meyerhofers remained in active management positions while the third partner exited the company.
ClearLight contributed to FutureLogic’s success in a number of ways. We instituted a strategic planning process to allow the company to identify and qualify new vertical markets to diversify its revenue base, assisted the new CEO in setting objectives and developing managerial reporting. In addition, we provided temporary financial management while conducting a search for the CFO position as the incumbent had chosen to be cashed out in the transaction. We also referred a marketing consultant, and assisted in selecting and implementing an ERP system.
During ClearLight’s tenure, the Company was successful in diversifying and doubling its revenue base while maintaining impressive margins. In early 2005, ClearLight and the Meyerhofers sold their interest in FutureLogic after receiving an attractive unsolicited offer for the Company.