CapitalWorks has acquired Libra Industries in partnership with the company’s senior management team and founding family.
Libra Industries is a provider of electronic manufacturing services (EMS) to original equipment manufacturers in the industrial automation, medical, military and aerospace, instrumentation and LED lighting sectors. The company’s EMS services include design and prototyping, complete system build, module and subassembly production, as well as simple to complex printed circuit board assembly.
Libra was founded in 1980 and has four facilities (three in Ohio and one in Texas). The company is led by CEO Rod Howell and is headquartered in Mentor, OH (www.libraindustries.com).
“We felt CapitalWorks would be the ideal partner to drive the continued growth of Libra,” said Mr. Howell. “CapitalWorks has deep experience in contract manufacturing and a strong network of industry experts that support its investments.”
“We are excited to partner with a local, family-owned business and management team that share our passion for excellence within contract manufacturing,” said Todd Martin, a managing director with CapitalWorks. In November 2017, CapitalWorks acquired GEMCITY Engineering and Manufacturing, a Dayton, OH-based contract manufacturer serving the aerospace & defense, medical, packaging and industrial markets (www.gemcity.com).
CapitalWorks invests in companies that have revenues of $15 million to $75 million and EBITDA of $3 million to $9 million. Sectors of interest include niche manufacturing, value-added distribution, business services, aerospace and defense, and specialty chemicals. CapitalWorks was founded in 1999 by Rob McCreary and is headquartered in Cleveland (www.capitalworks.net).
Senior financing for the buy of Libra Industries was provided by CIBC (www.CIBC.com). Ironwood Capital (www.ironwoodcap.com) provided subordinated debt and made an equity co-investment.
© 2019 Private Equity Professional | May 23, 2019