Innovative Motion Technologies Acquires Check Technology, Strengthening Position in Healthcare, Agriculture, and Off-Road End Markets

GERMANTOWN, Wis., May 6, 2024 /PRNewswire/ -- Innovative Motion Technologies (IMT), a leading industrial technology platform specializing in interface and control solutions, today announced it has closed the acquisition of Check Technology, a pioneer in flexible heating systems. The acquisition enhances IMT's strategic position in the healthcare, agriculture, and off-road vehicle markets.

Founded in 1993, Check Technology designs, manufactures, and markets heating and control systems tailored to meet the unique needs of seating and other applications across a multitude of industries. With full-scale manufacturing in Troy, Michigan, Check Technology has been a leader in American-made control modules since its founding.

This acquisition marks a significant step for IMT, positioning it as the number one player in the healthcare heating controls market. It also expands the company's footprint into the agricultural and off-road sectors. The addition of Check within the IMT platform will allow for a broader product offering for Check customers, complementing Check's highly regarded product portfolio known for quality and customer service. Integrating Check Technology's operations into the IMT platform will also provide enhanced engineering, supply chain and sales capabilities.

"The acquisition of Check Technology aligns perfectly with our strategic goals to diversify our end markets and strengthen our leadership in healthcare, agriculture, and off-road heating controls," said Rich Weeden, CEO of IMT. "This is not just an acquisition, but a partnership with the existing Check management team who shares our vision for product innovation, enhanced product and service offerings, and an overall expansion of Check's market reach."

Mark Woods, a partner at Cathay Capital, the majority shareholder of IMT, stated, "We are excited to bring Check Technology into the IMT family. This acquisition aligns with our strategy, focusing on attractive, growing end markets while leveraging the considerable management and operating resources at IMT. The enhanced capabilities and extended market reach present significant growth opportunities for Check Technology under the IMT umbrella."

Check Technology products will continue to be designed and manufactured at the Company's Troy, Michigan, facility. The Company will also continue to operate and market products under its award-winning brand name.

About Innovative Motion Technologies

Innovative Motion Technologies (IMT) is a global industrial technology platform and industry-leading designer and supplier of unique interface and controls solutions across a diversified set of OEM and aftermarket applications. The Company operates under two brands, Raffel Systems and Micro-Air. Each is well known and highly respected in their markets. Raffel Systems focuses on electro-mechanical controls for residential, healthcare, industrial, cinema, and hospitality markets. Micro-Air focuses on environmental controls for residential, recreational vehicle, HVAC, and marine applications. For more information about Innovative Motion Technologies, please visit https://imtbrands.com.

About Check Technology

Check Technology, founded in 1993 and headquartered in Troy, Michigan, specializes in the design, manufacture, and marketing of flexible heating systems for the agriculture, off-road, and healthcare sectors. Renowned for its high-quality, U.S.-based manufacturing, Check Technology has consistently led the market in innovative heating solutions.

About Cathay Capital

Cathay Capital is a global private equity and venture capital investment firm supporting companies throughout North America, Europe, and Asia. The firm helps middle-market companies and startups navigate the opportunities for growth, international expansion, and sustainable transformation. Cathay is the partner of choice for companies aspiring to lead markets and make a positive impact. Its platform connects people with global reach and local expertise – from investors and entrepreneurs to management teams and leading corporations – to share knowledge, the tools to scale and to transform businesses.

Founded in 2007 with a strong entrepreneurial heritage, Cathay Capital now manages more than $5.4 billion in assets. It has made over 280 investments in verticals including healthcare, technology, and consumer from offices in from offices in New York, San Francisco, Paris, Munich, Berlin, Madrid, Shanghai, Beijing, Shenzhen, and Singapore.

Media Contact:
Mark Stecker
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262.502.1011

SOURCE Cathay Capital