Accelevation, a portfolio company of LFM Capital, has acquired Workplace Modular Systems.
Accelevation is a vertically integrated group of manufacturing companies serving the data center, electric vehicle and robotic markets.
Accelevation’s subsidiary divisions include Conatech, an Ohio-based provider of data center containment and caging equipment. Data center containment equipment includes physical barriers such as cabinets, walls, and doors that are used to contain the hot air generated by IT equipment. Another subsidiary of Accelevation is Skylab Manufacturing, a Utah-based maker of extruded aluminum components and in-plant material management and engineering support services.
Rounding out Accelevation’s subsidiaries are three Ohio-based businesses – Southeast Tool & Die, Revolution Iron Works, and Coach Tool & Die.
Accelevation was acquired by LFM through its third fund in August 2022. The buy of Workplace Modular Systems is the company’s first add-on acquisition under LFM ownership.
Workplace Modular Systems is a designer and manufacturer of workstations, workbenches, assembly stations, and tables used in the biotechnology, laboratory and industrial sectors. The company, led by President and CEO Jim McEleney, was founded in 1946 and is based in Londonderry, New Hampshire.
Workplace, led by President and CEO Jim McEleney, was founded in 1946 and is based in Londonderry, New Hampshire.
“Throughout its 60+ year history, Workplace has remained dedicated to building solid, well-crafted products with American-made durability,” said Mr. McEleney. “We are proud of our strong reputation for innovative design, superior craftsmanship and responsive customer service, and we look forward to partnering with Accelevation to further expand our applications.”
Accelevation, led by President and CEO Michael Rubiera, is headquartered in Springboro, Ohio. “We were immediately impressed with Workplace’s deep product expertise and diverse, loyal customer base,” said Mr. Rubiera. “There are attractive potential synergies from the acquisition, particularly related to SkyLab, which will further fuel our growth.”
“LFM is excited about the complementary addition of Workplace to the Accelevation platform, which will broaden the product offering available to current and new customers,” said Chris Lin, a managing director at LFM. “We look forward to working closely with the Workplace team to scale the combined business.” Other members of the LFM transaction team included Executive Managing Director Steve Cook and LFM Senior Associate Ryan Richardson.
Abacus Finance Group was the Senior Secured Credit Facilities Administrative Agent and Lead Arranger for senior secured credit facilities to support the acquisition of Workplace by Accelevation.
“This was our fourth transaction with LFM Capital, and once again we were able to meet their desire for a smooth execution in a short timeframe, just one of the many attributes of our Total Partnership Approach,” said Tim Clifford, the president and CEO of Abacus.
“As in past transactions, the Abacus team served up fast and efficient execution,” added Mr. Lin.
“The team at LFM is great to work with, having such a disciplined, market focus,” added Abacus managing director Eric Petersen. The Abacus transaction team included both Mr. Petersen and Associate Greg Scanlon.
Abacus provides cash flow-based senior financing to private equity and family office-sponsored, lower-middle market companies that have EBITDA between $3 million and $15 million. Debt facilities can be as large as $50 million. Since Abacus’s founding in June 2011, it has closed over $3 billion in financings. Abacus, led by President and CEO Tim Clifford, is headquartered in New York City and is an affiliate of New York Private Bank & Trust which was founded in 1850.
LFM invests in United States-based manufacturing and industrial services companies with at least $3 million of EBITDA and enterprise values from $15 million to $125 million. LFM was formed in May 2014 by Steve Cook, Rick Reisner, and Dan Shockley and is headquartered in Nashville, Tennessee.
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