LFM Closes Third Eckhart Add-On

LFM Closes Third Eckhart Add-On

Eckhart, a portfolio company of LFM Capital, has acquired Logic Plus, an electrical controls and automation company.

Logic Plus specializes in custom designed and manufactured control systems, programmable logic controllers, process control automation, human-machine interface, and automated material handling systems. The company’s more than 200 customers – which includes Nestle, Cargill, Herman Miller, Coca-Cola, and General Mills – are active in the pharmaceutical, electrical battery, plating & anodizing, wastewater treatment, food, automotive, and garage door production industries. Logic Plus was founded by Jody Zolman in 1987 and is headquartered 70 miles north of Grand Rapids in Reed City, MI (www.logicplus.net).

“I was seeking business partners committed to being good stewards of the business that I founded in the spare bedroom of my home,” said Mr. Zolman. “I chose to partner with LFM Capital and the Eckhart team because of their commitment to grow and expand our business in Northern Michigan and their genuine interest in the long-term success of all employees.”

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.

The company’s customers include automotive and industrial original equipment manufacturers such as Stryker Medical, General Electric, Ford, Tesla, PACCAR, John Deere, Bradford White, and Caterpillar. Eckhart is led by its President and CEO Andy Storm and is headquartered in Lansing, MI (www.eckhartusa.com).

“This acquisition enables Eckhart to rapidly accelerate the deployment of Industry 4.0 technologies that are shaping the smart factories of the future,” said Mr. Storm. “Logic Plus brings diverse customers and industries poised for long-term growth around the world. With over three decades of experience serving the pharmaceutical, life sciences, and wastewater treatment industry, Logic Plus enhances our ability to scale and grow our controls, robotics, and automation-based suite of solutions in non-cyclical markets projected to expand steadily over the next quarter century.”

The buy of Logic Plus is the third add-on acquisition for Eckhart since being acquired by LFM in June 2015. In December 2017, Eckhart acquired Polker Design Services, a Rochester Hills, MI-based designer of automated manufacturing and robotic assembly systems. In July 2016, Eckhart acquired Auto Craft Tool & Die, an Algonac, MI-based provider of industrial material handling systems and tooling, and ergonomic and work cell construction components.

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).

Nuvescor Group (www.nuvescor.com), a Grand Rapids, MI-based investment bank, represented Logic Plus and introduced the investment opportunity to LFM Capital.

© 2018 Private Equity Professional | March 22, 2018

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