Private equity firm Falfurrias Capital Partners is buying Advanced Control Systems.
Norcross, Ga.-based Advanced Control manufactures products and systems that control power transmission and distribution. Terms of the deal were not disclosed.
Falfurrias, headquartered in Charlotte, N.C., was founded by former Bank of America (NYSE: BAC) CEO Hugh McColl Jr. and former Bank of America CFO Marc Oken. In March 2103, the firm invested in Itec, a company that makes equipment used by electric utility and industrial companies for revenue metering, also based in Charlotte.
The buyer focuses on buying middle market companies in the southeastern U.S. Other investments include restaurant Bojangles, UC Synergetic and Dorsey Wright & Associates.