Venture capitalist buys Carson City company

An east Carson City technology company was purchased this week by a Santa Fe, N.M.-based venture capitalist for an undisclosed amount and $1 million in cash for growth.

Micromanipulator Co., an international analytical probing equipment manufacturer, will use the cash to offer competitive salaries and benefits to employees, said Bill Hartman, president and chief executive officer. It has 40 employees and is seeking to add staff.

"We just finished the first quarter, and the results are significantly ahead of the plan," he said Wednesday.

The California Institute of Technology sold the 50-year-old Carson City company to Flywheel Ventures on Tuesday. Micromanipulator founder Robert "Stan" Hancock bequeathed the 1555 Forrest Way company to the institute in 2001.

Since then, the company has struggled to compete with area manufacturers in attracting qualified workers in a market where they can shop around for the best opportunity. The ownership change will help soothe its reputation as a high-turnover company, Hartman said.

Many of the employees agree.

"We have a new direction and there is a lot more opportunities, such as stock options," said Bob Hutton, a customer service supervisor.

Flywheel has the capital, expertise and business contacts that the technical institute didn't.

"The change of ownership puts us into the category where we have access to those things," said Mike Jackson, director of sales and marketing. "So we're on a much more level playing field (with other area manufacturers)."

Trevor Loy and Kim Sanchez Rael, of Flywheel Ventures, and Carlos Perea, of MIOX Corp., an adviser to Flywheel, will join Hartman and Mike Slessor, of the California Institute of Technology on the new board of directors.

The institute has a minority interest in Micromanipulator.

Loy, a managing partner with Flywheel, said in a company release that it purchased a majority in Micromanipulator because of its strong brand awareness and potential for expansion into new markets.

Flywheel typically keeps a company for five to seven years before selling or presenting it for a public offering, Hartman said.

The company is redesigning its newest probing station and is looking to redistribute in early 2007. The product often sells for $150,000 to $250,000.

• Contact reporter Becky Bosshart at bbosshart@nevadaappeal.com or 881-1212.