SAN JOSE, Calif., May 10 /PRNewswire/ -- Comerica Bank today announced $25.5 million in credit facilities for LumaSense Technologies, a leading provider of sensing solutions for the clean technology, medical and energy sectors. The credit facilities include a $10.5 million working capital line and a $15 million term loan.
Vivek Joshi, chief executive officer of LumaSense, said: "The credit lines will be used to increase LumaSense's financial flexibility as the business expands globally. The facilities from Comerica provide LumaSense with additional capital to support our strategy of growing organically and through acquisitions. In particular, we recently completed our acquisitions of Andros and Mikron Infrared, leaders in their respective fields of gas and temperature sensing."
The credit facilities were provided through Comerica's Technology & Life Sciences Division, which has extensive experience in providing innovative debt financing to growth companies with proven technology and strong management teams.
"We are extremely pleased to be able to work with LumaSense, and we look forward to growing the relationship and supporting the company as it expands its debt financing requirements," said Alan Jepsen, Senior Vice President and Managing Director of the Technology & Life Sciences Division.
About LumaSense Technologies, Inc.
LumaSense Technologies is a global leader in providing quality sensor instrumentation to the clean technology, medical and energy markets. LumaSense is an operating company with a strategy to acquire other leading sensor instrumentation companies serving similar customers with complementary technologies and products. LumaSense's first two acquisitions are industry pioneers with hundreds of global customers: Luxtron Corporation - fiber optic temperature measurement sensors and Innova AirTech Instruments - trace gas monitoring and analysis. In February, 2007, LumaSense announced the acquisition of Mikron Infrared [NASDAQ: MIKR], a leading provider of thermal imaging systems and blackbody calibration instruments. LumaSense is backed by Oak Investment Partners, a leading multi-stage venture capital firm with a 28- year history and Element, a leading venture capital investor in clean technology.
About Comerica Bank's Technology & Life Sciences Division
Comerica Bank's Technology & Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life science companies, as well as to their more mature counterparts. The Technology & Life Sciences Division serves all major U.S. technology centers from offices coast-to-coast and its headquarters in Palo Alto, Calif. Comerica Bank is a subsidiary of Comerica Incorporated, a financial services company that is among the 20 largest banking companies in the U.S. with $57.5 billion in total assets at March 31, 2007. For more information, see www.comerica.com