ONDEX Automation, an industrial automation platform formed by Shore Capital Partners, has acquired LIVE Automation. ONDEX was formed by Shore in November 2023, and the acquisition of LIVE Automation is the platform’s first purchase. Shore aims to grow ONDEX into a $100 million annual revenue business.
Chicago-headquartered ONDEX is led by CEO Justin Kerr, an executive with 20 years of experience in the industrial and technology sectors. Before joining ONDEX, Mr. Kerr was vice president and general manager of Molex’s industrial solutions unit, located in the Chicago suburb of Lisle, which specializes in providing connectivity and automation products and services.
LIVE Automation is a provider of manufacturing automation engineering, integration, and construction services. The company’s capabilities include technology consulting, budgeting, scheduling, project management, engineering, and quality control. Many of LIVE’s customers are active in the aerospace and defense, food and beverage, and medical device sectors. LIVE was founded in 2001 by President Mike Barone and is headquartered 50 miles west of Boston in Sterling, Massachusetts.
“I am thrilled to partner with Shore, LIVE Automation, and our renowned board of directors to found ONDEX Automation,” said Mr. Kerr. “Our vision is to create a leading systems integrator that supports our North American manufacturing customer base in end markets that include food and beverage, life sciences, medical device, pharmaceutical, semiconductor, water/wastewater, among others. I look forward to working with Shore Capital and our board of directors to continue partnering with best-in-class systems integrators.”
“The industrial automation sector is a key focus of Shore’s industrial services fund. We are excited to kick off our platform with Justin Kerr and LIVE Automation, and we are eager to partner with business leaders who share our values and vision for growth,” said John Sznewajs, a partner at Shore Capital. Shore closed its inaugural industrial fund, Shore Capital Industrial Partners Fund I LP, in July 2023 with an above-target $207 million of capital commitments.
“Shore and ONDEX are proud and excited to partner with Mike Barone and LIVE Automation as the first partnership for our systems integrator platform. Mike has built a great business with extensive expertise in programmable logic controls and custom automation services and has established a tremendous reputation among their customer base,” said Scott Luby, a vice president at Shore. “Shore’s extensive resources and network will allow us to identify markets and businesses positioned for continued growth, partner with motivated business leaders like Mike Barone, and provide best-in-class innovative services to North American manufacturers.”
Shore Capital invests in lower middle-market healthcare, food and beverage, business services, industrial, and real estate-related companies that have $5 million to $100 million of revenue and $1 million to $10 million of EBITDA.
In April 2019, Shore closed its third healthcare-focused fund, Shore Capital Healthcare Partners Fund III LP, with $293 million of capital, and its inaugural food and beverage fund, Shore Capital Food & Beverage Partners Fund I LP, with $148 million of capital. Shore Capital is headquartered in Chicago with an additional office in Nashville.
© 2024 Private Equity Professional | August 6, 2024
