Spindler Handles Investment in Manufacturer for Brookstone Partners
Olshan client Brookstone Partners, a private equity firm located in NYC, announced that it has acquired 3.75 million of newly issued shares of common stock, approximately 42% of Mechanical Technology Incorporated (MTI) (OTCQB: MKTY), for $2.74 million. Concurrent to the investment and in accordance with the terms of the Stock Purchase Agreement between Brookstone and MTI, Brookstone obtained three board seats. MTI designs, manufactures and sells precision test and measurement sensors, instruments and systems that provide solutions for linear displacement, vibration measurement and system balancing and tensile measurements in markets that require the exacting measurement and control of products and processes for automated manufacturing, assembly, and consistent operation of complex machinery. Olshan Corporate partners Jeffrey Spindler and Ron Berenblat represented Brookstone in this transaction.