Eckhart, a portfolio company of LFM Capital, has acquired Polker Design Services. This is the second add-on acquisition for Eckhart since being acquired by LFM in June 2015.
Polker Design Services designs automated manufacturing and robotic assembly systems for blue-chip customers in a variety of end markets. The company’s specialties include mechanical design, robotic simulation, and lean manufacturing for metal inert gas (MIG) welding systems, pierce units, automatic and robotic resistance, weld guns, and checking/drill fixtures. Polker was founded in 1988 by Art Polker and is headquartered near Detroit in Rochester Hills, MI.
“I am excited to partner with a company committed to embracing Industry 4.0 and the advanced technologies that are reshaping the manufacturing landscape. From autonomous guided vehicles to highly automated assembly systems, our joint team believes we can bring an unprecedented level of value to end customers across multiple industries,” said Mr. Polker. “I was looking for business partners committed to being good stewards of the business and chose to partner with LFM Capital and the Eckhart team because of their direct knowledge and experience in our business and their overall long-term commitment to our employees.” (Editor’s note: Industry 4.0 is a name for the current trend of automation and data exchange in manufacturing technologies. It includes cyber-physical systems, the Internet of Things, cloud computing and cognitive computing. Industry 4.0 creates what has been called a “smart factory”).
Eckhart is a designer and manufacturer of specialized ergonomic tools that are sold to automotive and industrial manufacturers. According to Eckhart, ergonomically correct machinery enhances process reliability and results in improved worker performance, worker safety, and product quality. Eckhart’s products include autonomous guided vehicles (AGVs), collaborative robotic systems, traditional robotics, additive manufacturing tool development & production, and ergonomic general assembly tooling products. Customers include automotive and industrial original equipment manufacturers such as Stryker Medical, General Electric, Ford, Tesla, PACCAR, John Deere, Bradford White, and Caterpillar. The company is led by its President and CEO Andy Storm and operates from three company-owned facilities in Lansing, MI (www.eckhartusa.com).
“This acquisition demonstrates our ongoing commitment to expand our design capability and accelerate our efforts to provide end-customers with a broader suite of advanced manufacturing solutions,” said Mr. Storm. “Polker adds specific industrial engineering capabilities that will complement unprecedented growth in our autonomous guided vehicle business and also provides expertise in robotic cell engineering. Our collective team is now able to take on complex robotic systems projects and integration with the highest level of quality and service in the industry.”
The buy of Polker is the second by Eckhart under LFM Capital ownership. In July 2016, Eckhart acquired Auto Craft Tool & Die, a provider of industrial material handling systems and tooling, and ergonomic and work cell construction components. The company’s products include door and instrument panel carriers, and automatic guided carts used to transport material in factory environments. Auto Craft also sells work brake systems that protect production line operators exposed to rotating assembly processes. Customers of the company include Boeing, Honda, Toyota, Johnson Controls, Carrier, Whirlpool, Nissan, Kawasaki, Ford, Chrysler, and General Motors. Auto Craft is based near Detroit in Algonac, MI (www.auto-craft.com).
LFM Capital is based in Nashville and invests in US-based manufacturing and industrial services companies that have revenues from $10 million to $100 million and enterprise values from $15 million to $75 million. LFM was formed in May 2014 by Steve Cook, Executive Managing Director; Rick Reisner, Managing Director; and Dan Shockley, Managing Director. The firm closed its first fund with $110 million in capital commitments in October 2014 (www.lfmcapital.com).
© 2017 Private Equity Professional | December 8, 2017
