L Squared Recruits Semiconductor Industry Veteran Steve Litchfield to Join Virtium’s Board of Directors
Newport Beach, CA, August 1, 2018 – L Squared Capital Partners is pleased to announce that its portfolio company, Virtium, has appointed Steve Litchfield to its Board of Directors. As the former the executive vice president and chief strategy officer of Microsemi Corporation, Litchfield’s experience sourcing and integrating strategic acquisitions will help Virtium expand its acquisition efforts. Virtium has experienced rapid growth, more than doubling topline revenue since L Squared invested three years ago and will now augment its strong organic growth with a more robust mergers-and-acquisitions (M&A) effort. Through acquisitions, the company is seeking to add new product offerings relevant to both new and existing customers. The ideal acquisition targets will have a differentiated product offering and high barriers to entry serving the Industrial Internet of Things (IIoT), industrial automation, networking, communications, power management or energy markets.
“We feel Virtium’s management team has demonstrated an ability to rapidly grow the business platform and we want to leverage this outstanding team by adding new lines of business a bit more rapidly through M&A,” said Sean Barrette, partner at L Squared and Virtium Board of Directors member. “The company is now aggressively pursuing accretive M&A opportunities and we are excited to add Steve’s expertise and relationships to the Board of Directors in support of these efforts.”
“I am extremely excited to welcome Steve to Virtium’s Board of Directors,” said Phu Hoang, co-founder and CEO Virtium. “His track record of success and industry experience will add significant value as we look to execute our long-term growth strategy and scale our global operations.”
“I have known Phu and the Virtium team for a long time and am excited to join Virtium’s Board of Directors,” said Litchfield. “Virtium has built an exceptional business that has experienced rapid growth in recent years. I look forward to lending my experience and advice at the Board level in support of the company’s continued expansion.”
Steve Litchfield Biography
Mr. Litchfield serves as chief financial officer and chief corporate strategy officer at MaxLinear. Previously, he was the executive vice president and chief strategy officer of Microsemi Corporation. Litchfield served as Microsemi’s vice president of the Analog and Mixed Signal Group from 2006 to 2009, as its vice president of corporate marketing and business development from 2003 to 2006, and as its director of business development from 2001 to 2003. Prior to joining Microsemi, he was an equity research analyst at Banc of America Securities and a production engineer at Toyota Motor Corporation. Litchfield holds a Bachelor of Science in industrial engineering from Purdue University and a Master of Business Administration from the University of Southern California Marshall School of Business.
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Virtium manufactures solid-state-storage and memory solutions for the world’s top industrial embedded OEM customers. The company designs, builds and supports its products in the USA, and provides a dedicated software team for custom storage solutions – all fortified by a network of global locations. For more information on Virtium, please visit www.Virtium.com.
About L Squared Capital Partners
L Squared Capital Partners is an investment firm headquartered in Newport Beach, Calif., that seeks to make long-term investments in leading growth companies that operate in targeted sectors: education technology, tech-enabled services and software, and industrial technology and services. Our unique investor base of family offices enables us to focus on long-term value creation driven by revenue and earnings growth, not financial engineering or market timing. The principals of L Squared have worked together for over a decade and have over 60 years of combined experience investing in growing private companies. For additional information, please visit www.LSquaredCap.com.
This press release is for informational purposes only and is not intended as investment advice or an offer or solicitation with respect to the purchase of any investment. Investing with any investment firm is suitable only for qualified investors that fully understand the risks of such an investment. L Squared Capital Partners is an investment adviser registered with the United States Securities and Exchange Commission. Investments with L Squared Capital Partners are only offered in accordance with applicable securities laws.