Summit Park has acquired Michelli Weighing & Measurement, a provider of measurement equipment and calibration services.
Michelli sells, rents and services heavy and medium-capacity scales, precision measurement devices, and calibration equipment used in the transportation, recycling and waste, food and beverage, agriculture, and manufacturing sectors. The company’s services – provided by its field-technicians and lab-based metrologists – include calibration, maintenance and repair, inspection and repair, and installation.
Michelli traces its beginning to 1942 with the founding of By-Pel Equipment, an independent dealer for the Exact Weight Scale Company. Today, New Orleans-headquartered Michelli, led by CEO Bobby Feigler and COO Joel McMullen, services over 6,000 customers through its 30 locations in 11 states across the Southeast, Texas, and the West Coast.
“We are thrilled to be partnering with Bobby, Joel and the entire Michelli team who have built one of the leading brands in the calibration services market,” said Andrew Gilbert, a partner at Summit Park. “Michelli has had relentless focus on providing best-in-class essential services to their rapidly growing customer base and we believe there is a significant opportunity to expand the company’s footprint in both the industrial weighing and precision measurement markets.”
“We decided as a team that to achieve our strategic goals, we needed to bring in an operationally focused and experienced partner,” said Mr. Feigler. “Summit Park distinguished themselves as a firm that would bring significant resources to the company through their value creation and business development teams and based on their long-term focus on partnering with founders and management teams.”
“Our team has been focused on investing in the test and measurement sector for more than a decade, including our previous investment in laboratory products and services business, Control Company,” added Mr. Gilbert.
Summit Park acquired the Control Company, a Texas-based provider of branded laboratory equipment – thermometers, timers, tools, humidity gauges and hygrometers – in June 2011 and exited the company in August 2017 through a sale to strategic buyer Cole-Parmer.
Charlotte-headquartered Summit Park invests in lower middle-market companies that have operations primarily based in the Eastern half of the United States and have revenues between $20 million and $150 million, and EBITDA between $4 million and $15 million. Sectors of interest include business and consumer services, light manufacturing, and value-added distribution. Summit Park was founded in 2006 and has made over 40 investments in the lower middle market totaling more than $2 billion in enterprise value.
Stellus Capital Management provided the debt financing to back the acquisition of Michelli by Summit Park.
© 2024 Private Equity Professional | January 12, 2024
