Little Rock investment firm The Stephens Group has added a new company to its portfolio.
The Little Rock-based company has acquired Kele Inc., which provides products for the building automation systems industry. The Memphis company’s product line includes sensors, switches, gauges and other products from more than 300 suppliers, which can be used in new construction or can be used in existing systems.
The Stephens Group acquired the company from Snow Phipps Group LLC., a New York equity firm, for an undisclosed amount. Snow Phipps originally acquired the Kele in 2015 for $170 million.
“We are very excited to partner with The Stephens Group,” Richard Campbell, CEO and president of Kele, said in a statement. “Their unique combination of high-caliber private-equity capabilities paired with a flexible, permanent capital source make them the right partner for our team as we look to continue executing on our strategy.”
Founded in 1983, Kele has a reported 112,000 customersin the United States.