AGET Manufacturing recently acquired by Madison Street Holdings, LLC

NuVescor Group is pleased to announce the successful sale of AGET Manufacturing to Madison Street Holdings, LLC.

AGET Manufacturing is in the air filtration sector and is a well-established Company that develops, manufactures, markets and sells a line of equipment used in nearly every manufacturing setting. The Company’s product line includes proven manufacturing support equipment with strong brand recognition.

AGET Manufacturing, operating in Adrian, Michigan, was founded in 1938 and has a long history of making and selling equipment for dust collection, with customers throughout the United States and around the world. The well-diversified customer base includes manufacturers in the wood working, metal processing, pharmaceutical, food, agriculture and plastics industries. Superior quality and excellent customer service have generated an exceptional reputation and loyal customer base. The primary collection units are cyclones and shaker baghouses.  Other products include blower/baghouse units, mist collectors, chip/mist collectors, rotary valves, back draft dampers, down draft tables, zipper ducts, and various combinations of equipment.  Rob DePierre, the former owner said, “I could not be happier with John and Lauren, AGET is poised for incredible growth and I have every confidence that they are the team to do it.”

Madison Street Holdings is owned by Lauren Cato and John Mitchem. Lauren is a graduate of the University of Michigan and Wayne State University Law School.  Lauren began her legal career with a focus on real estate and further refined that focus to the wireless communications industry in its infancy.  Following working as a Partner at Richard Conner Riley and Associates, LLC (RCR), and a Director at Black and Veatch following its acquisition of RCR, Lauren founded wireless site acquisition company Catalyst Network Services, LLC in and is currently its President. John is a graduate of Wayne State University in Industrial Engineering.  John began his automotive career in the steel processing industry as a metallurgist.  John worked in both Technical and Sales and Marketing leadership roles at Masco Industries, MascoTech companies, American Axle and most recently Vice President at MPG, a NYSE publicly traded company.

They saw in AGET an opportunity to leverage their combined business experience of Lauren’s 27-year legal background and business owner and John’s 30-year automotive supplier background to grow and develop the company. There is a strong management team in place and opportunity to expand sales into additional industries as well as increasing production capabilities for existing customers. According to Lauren, “We saw an immediate fit with the AGET team and are very excited to work closely with them to take AGET to the next level. Rob has done an incredible job streamlining processes, developing the management, marketing and sales channels and growing AGET to where it is today — a successful and profitable, well-run organization. “

NuVescor proudly served as the exclusive mergers and acquisitions advisor for the seller. For over a decade, NuVescor has been a leader in the Mergers & Acquisitions industry in Michigan. With years of experience and a unique proven process, the NuVescor teams works together to ensure successful and timely business transactions, delivering excellent results to their clients. For additional information, please visit www.nuvescor.com

This article was originally published by MiBiz on August 7, 2018.

Written by  Mitch Galloway

GRAND RAPIDS — Manufacturer Midway Rotary Die Solutions has sold to a West Michigan-based private equity firm.

In its latest deal, Grand Rapids-based Auxo Investment Partners will add more capabilities to its die manufacturing platform with the investment in the Williamston-based manufacturer, said Managing Partner Jeff Helminski.

Included in the acquisition are 50 employees from Midway and a roughly 20,000-square-foot facility in Williamston, Helminski said. The 33-year-old company is the “quintessential story” of two entrepreneurs, Richard and Betsy Seeley, who “found their business and poured their professional life’s work” into building a “world-class organization,” he added.

“(Acquiring Midway) really expands our platform, giving us a larger share of a very fragmented industry, particularly the more sophisticated, technically demanding segment of that market,” Helminski told MiBiz.

The acquisition of Midway makes for the P.E. firm’s fourth acquisition in 11 months.

Prior to the acquisition of Midway, Auxo purchased two die companies in September of 2017 — the Elkhart, Indiana-based Atlas Die LLC and the Rochester Hills-based Bernal LLC —  as well as New Orleans-based barge company M/G Transport Services later that year, as MiBiz reported at the time.

By acquiring Midway, Auxo’s portfolio of companies will give customers access to dies ranging in size from 12 inches to larger than 100 inches, Helminski said.

“Adding Midway’s capabilities to what Bernal and Atlas do allow us to provide a complete product offering of rotary dies, including flexible dies, crush cut dies, rotary pressure dies, across the entire range of widths,” he said. “Midway fit a gap in the existing product portfolio that Bernal and Atlas had, and they were one of the first companies we identified when we bought Bernal and Atlas.”

According to Helminski, Midway serves the automotive, medical and food sectors. Some of the company’s clients include the Maplewood, Minn.-based manufacturing conglomerate 3M and the Norcross, Ga.-based corrugated packaging manufacturer WestRock.

“It was our dream when we bought Midway in 1985 with six employees to build it into a world class organization,” stated Rich Seeley, CEO of Midway Rotary Die Solutions, who will retire following the transition. “We spent the last 33 years providing the highest-quality products and service in our industry, and we couldn’t be more pleased to find, in Auxo, a partner who can help our colleagues continue to grow and develop opportunities to provide further innovation and value to our customers.”

Terms of the deal were not disclosed.

Following the acquisition, Ken Smott will become CEO of Midway to go along with his current leadership roles at Atlas Die and Bernal.

“Combining Midway with our existing portfolio of die producers allows us to offer our customers an increasingly broad, innovative suite of capabilities, helping them to deliver superior quality and efficiency in their own businesses,” Smott said in a statement.

Between its facilities for Midway and Bernal, Auxo is looking to hire roughly 10 employees, Helminski said.

The Grand Rapids-based M&A firm NuVescor Group LLC served as an adviser to the seller. Other advisers on the transaction include the Grand Rapids-based law firm Miller, Johnson, Snell & Cummiskey PLC, Indianapolis, Ind.-based law firm Barnes & Thornburg LLP, Chicago, Ill.-based accounting firm BDO USA LLP, Grand Rapids-based bank Mercantile Bank of Michigan, Columbus, Ohio-based investment firm Oxer Capital Inc., London-based insurance company Aon Plc. and Grand Rapids-based health insurance firm Advantage Benefits Group Inc.

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Editor’s note: This story was updated from its original version. 

NuVescor is pleased to announce the successful merger of Lakeland Finishing Corporation in Grand Rapids with Monroe Group Holdings in Grand Rapids.

Lakeland Finishing Corporation provides a full range of quality product finishing services to the automotive and transportation markets. Its specialty is coating of plastic molded automotive trim parts, as well as manufacture and supply of decorative plastic components for automotive interior and exterior trim.

It has experienced, expert employees who work with the latest technology and the top vendors in the industry to provide multiple finishing solutions on a wide variety of customer substrate materials. Lakeland also offers auxiliary services such as injection molding, pad printing, assembly and warehousing to save customer costs in handling and transportation.

Monroe Group Holdings, a subsidiary of Huizenga Group, is a privately held firm that provides highly engineered analog gauge pointers and light guides for the automotive industry.  This merger aligns the core competency of Lakeland and Monroe LLC bringing together a strong partnership between the companies in terms of leveraging a full compliment of vertical integration and plastic finishing.  The addition of Monroe’s vertical integration and capacity in tooling, molding, painting, assembly automation and engineering services allows for greater single source opportunities within their combined customer base.

NuVescor is a distinguished mergers & acquisitions service provider that partners with other professional service providers to provide the full array of disciplines needed to have successful and timely business transactions. NuVescor uses the Rua Transaction Process, a proprietary proven process, that greatly increases the success rates for business transactions as well as the customer experience. For additional information please visit www.nuvescor.com.

LANSING, MI – March 19, 2018 – Eckhart, Inc. announced today that it has acquired Logic Plus, a premier electrical controls and automation company based in Northern Michigan. Eckhart designs and manufactures advanced manufacturing solutions for the world’s largest industrial companies. Eckhart’s suite of solutions includes Autocraft™ autonomous guided vehicles, automated assembly systems, robotics, 3D printing, contract line design & simulation, and specialized ergonomic assembly line tools and equipment. Eckhart has been a portfolio company of Nashville-based LFM Capital since 2015. Logic Plus is Eckhart’s third acquisition. NuVescor Group, a West Michigan based mergers and acquisitions firm, represented Logic Plus and introduced the investment opportunity to LFM Capital.

Logic Plus, founded by Jody Zolman in 1987, specializes in custom electrical controls design and integration for a variety of end markets including consumer packaged goods, food, medical, pharmaceutical, and waste water treatment. Logic Plus is a UL certified electrical panel builder that delivers the highest quality electrical panels available in North America. With over 200 customers across all major industrial regions of the world, Logic Plus has the experience and technical depth to solve the most difficult electrical controls related problems.

Jody Zolman, founder of Logic Plus, commented, “For over 30 years, we’ve committed ourselves to delivering the highest quality products and services to our customers. No matter the challenge, our team embraces science and technology to deliver real value to our customers. From artificial intelligence, to autonomous vehicles, to smart factories, and more, our team of technical experts is committed to creating safer factories that produce better quality at higher levels of productivity.” Jody continued, “I was seeking business partners committed to being good stewards of the business that I founded on my family farm. 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 President & CEO Andy Storm said, “This acquisition enables Eckhart to rapidly accelerate the deployment of Industry 4.0 technologies that are shaping the smart factories of the future. 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 waste water 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.”

About Eckhart, Inc.

With over 60 years of experience and based in Warren, Michigan, Eckhart engineers advanced industrial solutions that enhance the quality of life. Eckhart’s proven portfolio of advanced manufacturing technology includes Autocraft™ autonomous guided vehicles (AGVs), collaborative robotic systems, traditional robotics, contract assembly line design & simulation, 3D printing tool development & production, and ergonomic general assembly tooling solutions for the world’s largest manufacturers. Eckhart serves an established and loyal, blue-chip customer base of leading automotive and industrial original equipment manufacturers that include Stryker Medical, General Electric, Ford, Tesla, PACCAR, John Deere, Bradford White, and Caterpillar. For additional information, please visit www.eckhartusa.com.

About Logic Plus

Founded in 1987 and based in Reed City, Michigan, Logic Plus is a UL certified electrical control cabinet and automated controls design and integration solutions provider. Logic Plus serves a broad range of industries including pharmaceutical, electrical battery, plating & anodizing, waste water treatment, food, automotive, and garage door production. Core competencies include custom designed and manufactured control systems, programmable logic controllers, process control automation, human machine interface, and automated material handling solutions. Logic Plus customers include Nestle, Cargill, Herman Miller, Coca-Cola, General Mills, and CertainTeed Corporation. For additional information please visit www.logicplus.net.

About LFM Capital

LFM Capital is a Nashville-based private equity firm focused on private lower middle-market U.S. manufacturing and industrial services companies with outstanding growth prospects. LFM currently manages a $110 million private equity fund that targets lead or control investments in market-leading niche manufacturing and industrial services companies with enterprise values in the range of $15 million to $75 million. The LFM team is led by experienced and successful Fortune 50 global executive managers and private equity professionals who bring decades of management leadership, operating best practices, exceptional professional recruiting networks, and a successful track record in lower middle-market investing. LFM partners with management teams to drive business value through a combination of manufacturing and operations excellence, world-class executive management, and targeted growth and expansion strategies. For additional information, please visit www.lfmcapital.com.

About NuVescor Group

NuVescor is a distinguished mergers and acquisition service provider headquartered in West Michigan and serves clients throughout Michigan and the Midwest. Their passion is discerning and exceeding client expectations through successful and timely business transactions. NuVescor offers a complete array of professional buy and sell-side business brokers services, which includes corporate M&A outsourcing, to a growing network of clientele. For additional information, please visit www.nuvescor.com

For further information, please contact:

Dan Shockley, Managing Director

LFM Capital, LLC

dan@lfmcapital.com
(615) 620-5134

Andrew P. Storm, President & CEO

Eckhart, Inc.

astorm@eckhartusa.com
(517) 321-7700

Media Contact: Andrew Storm, Eckhart, Inc. 517-321-7700, astorm@eckhartusa.com