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Industrial Growth Partners Adds On

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hamsar nf1Grakon, a maker of custom lighting and electronics products for OEM vehicle manufacturers, has acquired the business and assets of Hamsar Diversco.  Grakon has been a portfolio company of Industrial Growth Partners since October 2014.

hamsar nf89Hamsar Diversco is a designer and manufacturer of lighting and electronic products for the bus, off-road/powersports, industrial equipment and heavy truck segments. The company’s lighting products utilize LED, halogen, and xenon/HID (high-intensity discharge) technologies. Hamsar was founded in 1983 by Fred Kelly and is headquartered near Toronto in Burlington, OT (www.hamsar.com).

grakon nf1Grakon’s products include customized interior and exterior LED lighting systems, nameplates and trim components for OEMs in the heavy truck, specialty vehicle and rail end markets. The company is the market leader in the customized lighting market for heavy trucks in North America, and also serves customers in Europe and Asia.  Grakon is headquartered in Seattle with additional operations in Farmington Hills, MI; Helmond, Netherlands; and Dongguan, China (www.grakon.com).

“With Hamsar and Grakon together, we will expand our product offering, manufacturing capabilities and the breadth of end markets we serve. Fred Kelly has built an impressive organization and assembled a great team and we are excited to welcome Hamsar into the Grakon family,” said Dave Paborsky, President & CEO of Grakon.

IGP NF99Industrial Growth Partners (IGP) provides equity capital to lower-middle market manufacturing and manufacturing services companies with revenues of $30 million to $100 million. The firm invests equity in a range of transactions involving a change of ownership, such as management buyouts, leveraged buyouts, corporate divestitures, recapitalizations and management buy-ins. IGP was founded in 1997 and is based in San Francisco (www.igpequity.com).

IGP and Grakon continue to seek additional lighting and electronics systems add-ons for Grakon.

© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 5-20-16

Fulton Capital and Merit Capital Buy Green Creative

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green creative nf1Green Creative, a developer and manufacturer of light-emitting diode (LED) lighting, has been acquired by Fulton Capital and Merit Capital Partners. The management team of the company will retain a substantial equity stake in the company alongside Fulton and Merit. The transaction closed on December 29, 2015.

green creative nf11Green Creative products are sold to the commercial, industrial, and specification markets (the specification market is composed of interior designers and architects that specify the use of a particular product on building projects). Many of Green Creative’s customers are commercial retailers and hospitality chains. Green Creative is headquartered and manages product sales and distribution through its offices in South San Francisco and oversees research & development, sourcing, manufacturing, packaging and marketing of the company products from its facilities in Hong Kong and Shanghai (www.gc-lighting.com).

The company was founded in 2010 by Cole Zucker and Guillaume Vidal. Messrs. Zucker and Vidal will continue in their roles as Co-CEOs of Green Creative under the ownership of Fulton and Merit.

Fulton Capital invests in small and mid-sized companies with revenues between $20 million and $100 million and EBITDA between $2 million and $10 million. Transaction values range from $10 million to $70 million. Sectors of interest include niche manufacturing, logistics, distribution, and service businesses. Fulton Capital is led by its founders Phillip Gerber and David Schlossberg and is headquartered in the Chicago suburb of Northbrook (www.fulton-capital.com).

Merit Capital Partners invests mezzanine and equity capital of $15 million to $60 million in companies with at least $5 million of EBITDA that are active in the manufacturing, distribution and services industries. Merit provided subordinated debt and equity in this investment and David Jones, Evan Gallinson and Joe Polaneczky led the transaction. Merit was founded in 1993 and is based in Chicago (www.meritcapital.com).

Investment bank Sperry, Mitchell & Company was the financial advisor to Green Creative. Sperry Mitchell was founded in 1986 and has completed over 300 transactions in a range of industries with values ranging from $10 million to $450 million. The firm is based in New York (www.sperrymitchell.com).

© 2016 PEPD • Private Equity’s Leading News Magazine • 1-25-16

Transom Acquires HeathCo

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heath nf1Transom Capital Group has acquired HeathCo from The Chamberlain Group, an operating company owned by The Duchossois Group.

heath nf11HeathCo is a provider of outdoor security lighting, door chimes and motion-activated decorative lighting products used in the residential repair and remodel markets.  The company’s HeathZenith brand of products are sold in more than 10,000 retail outlets worldwide including home centers, hardware stores, lighting showrooms, wholesale clubs and mass merchants. HeathCo was founded in 1987 and is headquartered in Bowling Green, KY (www.heath-zenith.com).

The Duchossois Group is a privately held business formed in 1983 to manage companies owned by the Duchossois family. The principal operating companies of the group are The Chamberlain Group (garage door openers, and gate operators); Controlled Products Systems Group (perimeter access control systems); and Duchossois Capital Management (the family’s private investment firm). The Duchossois Group is led by Richard Duchossois and Craig Duchossois and is based outside of Chicago in Elmhurst, IL (www.duch.com)

Transom Capital Group invests in buyouts and turnarounds of companies with EBITDAs from $0 (turnaround situations) to $10 million. Sectors of interest include consumer products, media & entertainment, and industrial. The firm is based in Los Angeles (www.transomcapital.com).

Lincoln International (www.lincolninternational.com) was the exclusive financial advisor to The Chamberlain Group and HeathCo on this transaction.

© 2016 PEPD • Private Equity’s Leading News Magazine • 1-21-16

Baird Capital Acquires SloanLED

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sloan LED Nf1Baird Capital has acquired SloanLED, a designer and manufacturer of light emitting diode products used in signage, spa, optoelectronics, refrigeration and down lighting applications.

SloanLED is a manufacturer of light emitting diode (LED) based products that are used in sign and architectural applications (channel letter lighting, lighting for cabinets and boxes, border tubing and accents); lighting systems (retail storefront exteriors and refrigerated display systems for meat, produce, dairy, and other packaged goods); indicator lights (aviation/avionics, industrial controls, electronic instrumentation, and elevators); and spa lighting (includes color-changing LED systems for hot-water spa tubs, lenses, controllers and power supplies). The company was founded in 1957 and entered the LED market in 1970. SloanLED is headquartered in Ventura, CA and has a sales office in The Netherlands (www.sloanled.com).

andrew brickman nf1“We have actively followed the lighting sector for the past few years and believe SloanLED is a strong platform business that is well positioned to become the leading global light emitting diode provider to the commercial and industrial end markets,” said Andrew Brickman, a partner at Baird Capital.  Mr. Brickman will join SloanLED’s board of directors along with Baird Capital Operating Partners Scott Hoffman and Dave Schroeder.

JZ Partners (www.jzpartners.com), Golub Capital (www.golubcapital.com) and Hexagon (www.hexagoninc.com) are co-investing alongside Baird Capital in the equity of SloanLED.  Senior financing for the transaction is also being provided by Golub Capital.

“Our organization has a long history of creating innovative products for our customers,” said Steve Shotwell, President of SloanLED. “We look forward to building on that experience and partnering with Baird Capital’s operating resources to continue to serve our customers globally.”

Baird Capital, the direct private investment arm of Robert W. Baird & Co., invests in lower middle-market companies in the manufactured products, healthcare and business services sectors. The firm invests from $15 million to $35 million in companies with enterprise values of $25 million to $125 million and EBITDAs greater than $5 million. Baird Capital was founded in 1989 and is based in Chicago (www.bairdcapital.com).

Chicago-based investment bank Lincoln International (www.lincolninternational.com) was the exclusive financial advisor to SloanLED.  Lincoln provided advisory services and managed the marketing, negotiation and due diligence phases of the transaction.

According to Mr. Shotwell, Lincoln’s involvement was instrumental in creating a successful transaction.  “Lincoln brought a deep understanding of our business model and high growth industry dynamics to the sale process,” he said.  “Their hands-on, focused approach and senior-level dedication – coupled with the expert execution of all process details – provided tremendous value to management. Lincoln’s commitment to, and strong advocacy of, the SloanLED story helped produce a great outcome for all involved.”

2015 PEPD • Private Equity’s Leading News Magazine • 5-8-15

Levine Leichtman Exits Luminator Technology Group

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luminator nf1Levine Leichtman Capital Partners has completed the sale of Luminator Technology Group, a manufacturer of lighting systems, to Audax Group.

Luminator Technology Group is a designer and manufacturer of display, lighting and passenger communication systems used in bus, rail and aerospace applications. Customers include municipal transportation systems, OEMs and their related suppliers.  Luminator is based in Plano, TX (www.luminatortechnologygroup.com).

Lauren Leichtman nf“Avi Zisman (CEO) and the rest of the Luminator management team have done an exceptional job creating value since our initial investment in October 2010,” said Lauren Leichtman, CEO of LLCP.  “The company’s success in driving organic growth through innovation and integrating transformative acquisitions resulted in a truly exceptional outcome for all of the company’s stakeholders including LLCP, our partners and the company’s management team.”

Levine Leichtman manages approximately $7 billion of capital through private equity partnerships, distressed debt and leveraged loan funds. The firm is currently making new investments through Levine Leichtman Capital Partners V, LP; Levine Leichtman Capital Partners SBIC Fund, LP; and Levine Leichtman Capital Partners Private Capital Solutions II, LP. The firm is based in Los Angeles with offices in Chicago, Dallas, New York and London (www.llcp.com).

“LLCP’s involvement with us in completing two highly strategic acquisitions, arranging multi-currency financings and supporting our organic growth initiatives all helped facilitate the rapid expansion of our business,” said Mr. Zisman.

The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. Audax has over $5 billion in assets under management in its private equity, mezzanine, and senior debt businesses. The firm was founded in 1999 and has offices in Boston and New York (www.audaxgroup.com).

Robert W. Baird & Co. served as financial advisor and Weil, Gotshal and Manges served as legal advisor to Luminator in connection with this transaction.

© 2014 PEPD • Private Equity’s Leading News Magazine • 4-8-14

Lynx Equity Acquires Valuelight

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valuelight nfLynx Equity has acquired Valuelight Limited, a manufacturer and distributor of interior and exterior lighting. Valuelight is Lynx’s eighth acquisition in 2013.

Valuelight is a lighting fixture manufacturer and distributor. Products include commercial luminaires, wall washers, exterior flood lights, wall packs, architectural luminaires, bollards and roadway lighting. The company’s products can be used with LED and traditional T8/T5 fluorescent and compact fluorescent light sources. Customers include Wal-Mart, McDonalds, Radio Shack, IBM, major Canadian banks, University of Toronto, City of Vancouver and City of Halifax. Valuelight was founded in 1995 and is based in Toronto (www.valuelight.ca).

“As LEDs are increasingly becoming the market standard, Valuelight’s reputation for responsiveness to customer needs, along with their innovative product line, make them an ideal addition to the Lynx group of companies,” said Lynx Partner, Dustin Mandel. “Our existing lighting businesses look forward to building a synergistic relationship with Valuelight and capitalizing on each other’s strengths.”

Valuelight joins Lynx’s portfolio of 28 companies, including lighting businesses, Southwest Energy Control Systems and TechniLite.

Lynx Equity, a subsidiary of Succession Capital Corporation, acquires small to medium sized companies with enterprise values of C$2 million to C$8 million. Sectors of interest include manufacturing, business services, financial services, industrial products, food and consumer products. The firm is based in Toronto (www.lynxequity.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 11-5-13

Beringea Exits Relume Technologies

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relume nfRevolution Lighting Technologies has acquired Relume Technologies, a portfolio company of private equity firm Beringea. Under the terms of the agreement, Revolution Lighting paid $15 million to acquire the Relume business; approximately $5 million of the purchase price will be paid in cash with the remaining value of $10 million paid in Revolution Lighting common stock. Beringea first invested in Relume in 2009.

Relume designs, manufacturers and markets highly efficient, environmentally friendly and cost effective LED lighting products and smart grid control systems for outdoor lighting applications. The company’s products are used primarily in street and area lighting for municipalities and corporations, commercial signage, outdoor advertising, transportation and US military applications. The company is based in Oxford, MI (www.relume.com).

“Revolution Lighting has a vision to provide high quality, efficient and cost effective LED lighting systems through an active distribution network that educates, trains and services our customer base,” said Robert LaPenta, Chairman and Chief Executive Officer of Revolution Lighting Technologies. “Adding Relume’s expertise in LED outdoor lighting applications significantly enhances Revolution Lighting’s LED product portfolio, and will allow Revolution Lighting to reach new markets and offer new products and services to our existing customers.”

Revolution Lighting Technologies (NASDAQ: RVLT) is a designer, manufacturer, marketer, and seller of light emitting diode lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. The company is based in Stamford, CT (www.rvlti.com).

Beringea provides equity and mezzanine debt to small- and-middle market companies. Beringea invests in portfolio companies operating in a range of sectors, including health care, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Founded in 1988, the firm is headquartered in Farmington Hills, MI with an affiliate office in London, UK (www.beringea.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 8-27-13

Pfingsten Acquires Industrial Lighting Products

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Pfingsten Partners has acquired Industrial Lighting Products, a specialty designer and manufacturer of energy efficient commercial lighting fixtures.  Pfingsten acquired the company in partnership the company’s President Jason Hendren on December 28, 2012, marking the eleventh platform investment for Pfingsten’s $525 million Fund IV.

“The Industrial Lighting Products team has built a tremendous business in the rapidly growing, high efficiency lighting sector,” said Scott Finegan, a managing director at Pfingsten. “The company is well positioned as commercial lighting transitions to LED and other high efficiency technologies.”

Industrial Lighting Products (ILP) is a manufacturer of a variety of high efficiency LED, fluorescent, and induction commercial lighting fixtures.  Products include high bay, wet location, stairwell, and outdoor fixtures, as well as retrofit kits.  The company was founded in 2003 and is based in Sanford, FL (www.ilp-inc.com).

“We are excited to partner with Pfingsten to continue to build a leading manufacturer of energy efficient lighting,” said Mr. Hendren. “Pfingsten will provide the operational expertise, global capabilities and financial support needed to accelerate our growth in the indoor and outdoor LED fixture market.”

Pfingsten Partners invests in middle market manufacturing, distribution and business services companies.  Since completing its first investment in 1991, Pfingsten Partners has acquired 87 manufacturing, distribution, and business service companies and has over $1 billion of capital under management.  The firm is based in Chicago and has offices in Changan, China and New Delhi, India (www.pfingsten.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 1-10-13

Lineage Capital Acquires Halco Lighting Technologies

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Lineage Capital has acquired ARN Industries (dba Halco Lighting Technologies), a manufacturer and distributor of lamps, ballasts and landscape lighting fixtures.

Halco Lighting Technologies is a branded manufacturer and distributor of lamps, ballasts and landscape lighting fixtures for the commercial and industrial markets.  The company has distribution centers in Norcross, GA (headquarters) Cleveland, Houston and Phoenix (www.halcolighting.com).

Lineage Capital is a private equity firm that has an exclusive focus on owner-managed and family-controlled businesses with EBITDAs of $4 million or greater and enterprise values of $20 million to $150 million. The firm is based in Boston (www.lineagecapital.com).

Investment bank Greene Holcomb & Fisher (GH&F) served as the exclusive financial advisor to Halco in the transaction and introduced Lineage to the company.  “The team at GH&F did an outstanding job of helping us communicate Halco’s unique position in the commercial and industrial lighting market.  We are excited about having our new partner, Lineage, on board to help us accelerate the growth of Halco,” said Allan Nelkin, Chief Executive Officer and majority owner of Halco.

“Lineage should be a tremendous partner for Halco.  The company has a number of very interesting growth opportunities to pursue, and we know Lineage will be very helpful to Allan and his team to take the business to the next level,” said GH&F Managing Director Steve Hunter.

Greene Holcomb & Fisher maintains offices in Minneapolis, Phoenix, Seattle and Atlanta and specializes in mergers and acquisitions, private placements and financial advisory services for the middle market (www.ghf.net).  “This transaction out of our new Atlanta office highlights the strategic importance to us as a firm of middle market, closely-held companies across the U.S., including the Southeast,” said GH&F Managing Director Kent Adams.  “Under Steve Hunter’s leadership of both our Atlanta office and our national private equity effort, this was a great way to end 2012.”

© 2013 PEPD • Private Equity’s Leading News Magazine • 1-10-13

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