Mike Lippa grew up in Lockport, attended SUNY Buffalo State and then began a career that would dot high-tech industrial companies across Western New York.
That includes stints at the General Motors components factory in Lockport, Avox Systems in Lancaster and Harmac Medical Products in Buffalo.
His most recent position was chief operating officer at Multisorb Technologies in West Seneca, where he supported a private equity transition in 2018.
When Lippa’s contract ran out, he started looking for new opportunities. He was introduced to Randy Bianchi, managing partner of Lakelet Capital, a Buffalo private equity firm that seeks to acquire local privately held companies with annual revenues between $5 million and $50 million.
An opportunity presented itself.
“I met with (the Lakelet team) and quickly realized there was an opportunity to do something I really enjoy, which is to take a company with a sound foundation and bring it to the next level,” Lippa said. “That means adopting a lean culture throughout the organization, improving the workflow and processes and making sure the execution is top-level.”
Lakelet acquired Arcade-based GenTech Scientific in July, planning to substantially grow the 25-person firm with blue-chip customers across the U.S.
GenTech refurbishes, re-sells and services scientific equipment for customers in a variety of industries. Lippa was installed as CEO.
He said establishing leadership is about engaging the experienced team at GenTech and making them part of the transition.
“You are not going to be successful if you come in and tell everyone what to do,” he said. “The GenTech team is passionate about the customers and the product that we deliver. So the important thing for me is showing them that you’re interested not only in developing the business, but letting them be part of that transformation.”
Lakelet investors not only funded the transaction but also an injection of capital that will support an investment across the business. Lippa said it’s an opportunity to build a more focused company ready to make an aggressive bid for marketshare in fast-growing industries.
“The big thing for me right now is focusing on the infrastructure (at GenTech), making the business processes so that we can sustain the growth we anticipate,” Lippa said. “There are some new markets we want to get into and become a much stronger player in those industries.”
About GenTech Scientific LLC
GenTech is a leading refurbisher, re-seller, and servicer of high quality analytical instrumentation and consumables to laboratories. GenTech Scientific is located in Arcade, NY.
About Lakelet Capital LLC
Lakelet Capital is a Buffalo-based private equity firm investing in private companies for growth or succession. Lakelet takes a long-term investment approach helping companies go from “legacy to longevity”.
Thank you Dan Miner for consistently covering executives in the Buffalo area.
See article in Buffalo Business First.