Falfurrias Capital Partners has acquired SixAxis LLC, a holding company for several brands of safety and fall protection equipment.
SixAxis’ business units and brands include SafeRack, ErectaRack, ErectaStep, RollaStep, AeroStep, PerfectaStep, YellowGate, and SmartTech. The company’s products include elevated loading racks and safety cages; aluminum stairs, handrails, platforms, tower supports and ladders; rolling stairs and mobile work platforms; marine gangways; and modular industrial pipe rack systems for the movement of liquids. SixAxis products are sold to industrial and commercial customers across a range of industries including oil and gas, minerals, aerospace and marine. The company was co-founded by Rob Honeycutt and Fred Harmon in 2003 and is headquartered 60 miles northeast of Charleston in Andrews, SC (www.sixaxisllc.com).
Under Falfurrias ownership, the existing SixAxis management team will remain, led by Rob Honeycutt as CEO and Fred Harmon as a member of the board of directors. Ken Walker, who was most recently chief operating officer of EnPro Industries – a manufacturer of industrial products including gaskets, seals, bearings and brakes – will join the SixAxis team as Executive Chairman.
“It’s a pleasure to be asked to join the SixAxis organization. I look forward to working with the entire SixAxis team to continue building on the company’s excellent track record of proven growth and innovation,” said Mr. Walker. “It’s rare to find a company such as SixAxis that is so well positioned for growth, has a demonstrated history of new product commercialization and is led by an accomplished – and forward-thinking – management team. Additionally, the operational investments in the business infrastructure are impressive and only further reinforce the potential for growth over the next several years. SixAxis recently invested over $20 million in capacity expansion, production automation and productivity improvements. Executing on the real opportunities in front of SixAxis will truly be exciting.”
“From the first time we visited SixAxis, we knew that we had found something special,” said Marc Oken, Managing Partner for Falfurrias Capital Partners. “The SafeRack and ErectaStep products are in a league of their own, and Rob and Fred have built an impressive business by developing a great team and by making investments in advanced manufacturing and proprietary software. Customers rave about the quality of SixAxis’ products as well as the level of support they receive. We view SixAxis as an excellent platform for growth and look forward to working with Rob, Fred, Ken, and the rest of the management team to accelerate growth organically and through strategic acquisitions.”
Falfurrias makes equity investments of at least $3 million in companies with revenues in excess of $10 million and EBITDAs in excess of $2 million. Industries of interest include financial services; consumer products; health care; building products; diversified manufacturing; business services; education, training, and information services; and infrastructure services. Falfurrias was founded in 2006 by Hugh McColl Jr., former chairman and CEO of Bank of America, and Marc Oken, former CFO of Bank of America. The firm is based in Charlotte, NC (www.falfurriascapital.com).
© 2017 Private Equity Professional | September 25, 2017
