In recognition of their onging contributions to the firm, CapitalWorks is pleased to announce the promotions of Todd Martin, Mike Harding, John Corrigan and Matt Lombardo. Martin and Harding have been named managing directors, Corrigan and Lombardo vice president.
W. Todd Martin, Managing Director
Mr. Martin’s responsibilities include developing and maintaining relationships with investors and financial intermediaries, sourcing and executing transaction opportunities and stewarding portfolio company investments.
Mikel B. Harding, CPA, Managing Director, CFO
Mr. Harding is responsible for the internal financial management of CapitalWorks including investor communications regarding fund performance and tax compliance. Additionally, he manages the financial oversight of the portfolio companies and assists with acquisition due diligence, entity structure and tax planning strategies.
John P. Corrigan III, Vice President
Mr. Corrigan’s responsibilities primarily include all aspects of deal execution including acquisition searches, deal screening, due diligence and leveraged buyout financing. In addition, he works with current portfolio companies to assist them with various projects as well as governance and monitoring initiatives.
Matthew J. Lombardo, CFA, Vice President
Mr. Lombardo’s responsibilities include screening and analysis of acquisition opportunities, conducting due diligence and procuring deal financing. Additionally, he works with current portfolio companies to assist them with various projects as well as governance and monitoring initiatives.
CLEVELAND, OHIO – Cleveland private equity firm CapitalWorks has acquired Paradigm Window Solutions, a leading manufacturer of premium quality custom vinyl windows in the Northeast. Terms of the deal, the fourth for CapitalWorks in the last 12 months, were not disclosed.
Key to the acquisition is the continuing participation of former Simonton Building Products President and COO John Brunett as chairman of Paradigm and Andy Sevier as president. Brunett helped build Simonton from a regional to a national leader in vinyl windows and has been with Paradigm since 2010. Sevier has been with the company for nearly three decades.
“We are excited to partner with the Paradigm team to continue to expand their market presence,” said CapitalWorks Managing Partner and CEO Dick Hollington. “The delivered and installed quality of their premium vinyl windows and doors along with their warranty and support programs are unmatched in the industry.”
Cleveland, OH – Expanding its portfolio of strong middle market businesses, CapitalWorks, LLC, has acquired a majority interest in Chemtron Corporation, a privately-held environmental waste management solutions company based in Avon, Ohio. Chemtron provides a single source for waste management services to customers including industrial manufacturers, healthcare facilities and consumer product companies.
CapitalWorks will be partnering with Chemtron President Ron Guenther and brothers Karl and Mike who have owned the company since 1980. The Guenthers will continue to be significant owners and will remain in their current management roles to build upon their 35 years of success. Details of the transaction were not disclosed.
“We look forward to supporting the Guenther’s long term vision for Chemtron”, said CFO, Mike Harding, who led CapitalWorks investment team. “The partnership of our industry experts and the highly skilled Chemtron team will enable the company to achieve a new level of performance. We have been impressed by each employee we met and for the passion the company has for providing proactive solutions to their customers.”
As part of KKSP Precision Machining’s and the Multi-Turn Division’s continued mission to improve service and meet growing customer demand for localized sourcing, the company is more than doubling the size of its operation in Monterey, Mexico. KKSP is a CapitalWorks portfolio company.
The new facility is more than 52,000 square feet in size and located just five miles from the current Monterrey location. Multi-Turn is well underway building out the facility and is targeting project completion in the fourth quarter of 2015 with all equipment moved and fully operational by January 2016.
Multi-turn will be utilizing all existing machines, operators, raw material suppliers and production and management systems in the new location. Once complete, the new facility will allow Multi-Turn to significantly grow and broaden its machining capabilities over time to increase the capacity and range of services it is able to offer customers.
As is the case for all of locations, the Multi-Turn facility will remain ISO 9001, TS 16949 and ISO 14001 certified.
KKSP and Multi-Turn are delighted to announce this significant expansion and the step it represents in an ongoing commitment to invest in the people, equipment and facilities necessary to provide provide world class service and quality to customers.
Matthew Lombardo has joined CapitalWorks as a senior associate with primary duties as a private equity analyst.
His responsibilities include screening and analysis of acquisition opportunities, conducting due diligence and procuring deal financing. Additionally, he works with current portfolio companies to assist them with various projects as well as governance and monitoring initiatives.
Prior to joining CapitalWorks, Mr. Lombardo worked for Robert W. Baird as a mergers and acquisitions associate in the firm’s Industrial group, where he advised public and private middle market companies on sell-side, carve-out divestiture and buy-side transactions. Mr. Lombardo spent eight years prior to Baird working for Victory Capital Management, a Cleveland based investment management firm, where he was responsible for analyzing and investing in public equities.
Mr. Lombardo received a Bachelor of Arts in economics from Michigan State University and a Master’s in Business Administration from The University of Chicago Booth School of Business. Mr. Lombardo is a Chartered Financial Analyst and a member of the Cleveland CFA Society.
Cleveland private equity firm CapitalWorks, LLC, announced today it has acquired majority ownership of privately-held banking technology services provider Bancsource, Inc. based in Republic, Missouri. Bancsource provides maintenance services and sales of cash cycle equipment including ATMs, smart safes, scanners and other equipment for financial institutions and retailers nationwide.
“Bancsource provides a high level of service in an industry that demands high quality,” said CapitalWorks Managing Partner Dick Hollington. “With its client-centric approach combined with industry dynamics which are opening opportunities to independent technology service providers, Bancsource is well-positioned to assist its client-partners and continue to grow.”
Details of the transaction were not disclosed but Hollington said there will be additional announcements in the future regarding the investment and about management of Bancsource.
“We plan to invest in and grow Bancsource,” he said. “We believe in the industry and the company’s position as vendor independent and client focused.”
Marc brings a wealth of financial leadership experience in manufacturing, financial reporting and analysis, cost accounting and bank covenant compliance. He has significant experience working with Capewell’s ERP system Infor Visual, payroll system Paylocity and fixed asset system Sage. He will apply these skills to better automate Capewell’s financial and operations reporting.
In addition, Marc gained experience working with a goal deployment process similar to the 6D process Capewell uses and has also been involved in international work.
Marc has a master’s degree in professional accounting from the University of New Haven and a bachelor’s degree in finance from Central Connecticut State University.
He will be located at Ripley Tools in Cromwell, Connecticut and will also provide financial leadership and support to Capewell Aerial Systems in both in South Windsor, Connecticut, and Meadows of Dan, Virginia.
Tracy Schweiger has joined CapitalWorks portfolio company Capewell Holdings as human resource manager, corporate services. At Capewell, Tracy’s responsibilities will include working with all managers and the corporate services team, managing relationships with outside human resources service providers and coordinating policies and procedures.
In her previous job at Beazley USA Services, Tracy handled payroll for a multi-location company in the US, implemented an ADP time and attendance program, managed open enrollment and developed training materials, recruited a 401k financial advisor and worked with managers and supervisors to resolve issues and act as an impartial mediator in employee matters.
Capewell Holdings is the parent company of Capewell Aerial Systems and Ripley Tools.
CLEVELAND, Ohio – Cleveland based private equity firm CapitalWorks has successfully completed dividend recapitalizations for portfolio companies Bluffton Motor Works and KKSP Precision Machining. Strong operating and financial performance of the businesses over the past two years and a favorable credit market made the recapitalizations possible. Proceeds were distributed to shareholders.
Bluffton Motor Works manufactures custom fractional horsepower motors for a wide array of industries. KKSP Precision Machining is the largest independent operator of cam operated multi spindle screw machines in the United States. Both companies have benefited from the improved economy while also improving their market penetration and operating performance.
“We can’t say enough about the performance of these two talented management teams,” said CapitalWorks Managing Partner Dick Hollington. “Their focus and dedication has driven solid growth and profitability and has put them in position to take advantage of the favorable credit environment, enabling us to distribute funds to our shareholders.” [Read more…] about CapitalWorks Successfully Completes Two Portfolio Company Dividend Recapitalizations
(SOUTH WINDSOR, CT) Capewell Systems has acquired Aerial Machine and Tool Corporation, a manufacturer of aviation, safety and tactical gear for military, law enforcement and commercial customers worldwide. Terms of the purchase from Aqua Lung Corporation of San Diego, California, were not disclosed.
Owned by private equity firm CapitalWorks, LLC of Cleveland, Ohio, Capewell Systems seeks to continue acquiring military life support and aerial delivery manufacturing companies. Capewell will be renamed Capewell Aerial Systems. Aqua Lung is a leading manufacturer of aquatic equipment for recreational and professional use including the Aqua Sphere and U.S. Divers brands.
Located in Meadows of Dan, Virginia, Aerial Machine and Tool’s manufacturing capabilities include light and heavy duty technical sewing, metal part machining and RF welding for inflatables. Aerial also distributes tactical helmets and emergency breathing devices for military applications. [Read more…] about Capewell Systems Acquires Aerial Machine and Tool
Terry Townsend has joined CapitalWorks’ portfolio company Magna-Tech Manufacturing as chief financial officer from his position as senior project finance manager with the Global Workplace Solutions division of Johnson Controls.
Mr. Townsend was with Johnson Controls for four years before coming to Magna-Tech. Prior to that, he served as a controller, corporate accounting director and senior financial analyst during nine years at diesel engine manufacturer Cummins, Inc. Early in his career, he worked for Caterpillar Financial, Duke Realty, Xerox Credit and Peat Marwick.
Scott Bettigole has joined CapitalWorks’ portfolio company Capewell Components as chief financial officer. His responsibilities include finance, accounting, human resources, information technology and facilities management.
Mr. Bettigole joins the company from Exelis Power Solutions in West Springfield, Massachusetts, where he served as vice president and controller from 1999-2013.
Prior to Exelis, he held a number of financial positions at Gerber Scientific, becoming controller and chief financial officer for its subsidiary Gerber Coburn Optical. He was previously a senior auditor for the Coopers & Lybrand accounting firm.
CapitalWorks portfolio company Bluffton Motor Works has acquired RAE Corporation, a manufacturer of fractional horsepower permanent magnet motors, gears and controls for pumps, medical equipment, door and gate operators, office machines, food processing and many other industrial and commercial applications.
The acquisition was made through Bluffton affiliate DC Products Group. RAE was founded in 1946 in Wisconsin and is now based in McHenry, Illinois.
“We are excited to have the RAE team in the Bluffton family,” said David Nussear, Bluffton Motors president. “RAE provides excellent engineering, quality and customer service and is a good fit with Bluffton. This enables our customers to benefit from a wide selection of value-added products from a single source.”
In addition to its motor and controller products RAE develops custom designs and offers application engineering support.
Solon, OH – PVF Capital Corp. (Nasdaq: PVFC), the parent company of Park View Federal Savings Bank, announced today that the Office of the Comptroller of the Currency (OCC) has lifted the regulatory order that has been in effect with respect to the Bank since October 2009. The Bank has met the targets established by the regulatory order, including tier one capital, risk-based capital and classified and criticized assets ratios, as well as achieving profitability.
Robert J. King, Jr., President and Chief Executive Officer, commented, “The OCC’s removal of the regulatory order is a significant milestone and a major step forward for Park View. We continue to strengthen our position for long-term growth and profitability, and we have seen steady improvement in earnings and asset quality. We have broadened our product offerings, added resources to our commercial banking and small-business lending teams, and will continue to focus on our transformation strategy to deliver sustained profitability as a strong community bank.” [Read more…] about PVF Capital Corp. Announces Termination of October 2009 Regulatory Order
- Net income for the fiscal 2012 fourth quarter of $0.8 million, fueled by strong mortgage banking revenue
- Company achieves its 11th consecutive quarterly improvement in key regulatory asset quality ratios and meets asset quality targets established by the regulatory order
- Nonperforming assets decline $5.5 million or 16.5%
- Capital ratios remain strong and exceed prescribed regulatory levels
Solon, OH – PVF Capital Corp. (Nasdaq: PVFC), the parent company of Park View Federal Savings Bank, announced net income of $0.8 million, or $0.03 basic and diluted earnings per share, for the quarter ended June 30, 2012. These results compare with a net loss of $2.6 million, or $0.10 basic and diluted loss per share, for the prior-year quarter, and net income of $0.4 million, or $0.02 basic and diluted earnings per share, for the quarter ended March 31, 2012. For the full-year fiscal 2012, the Company reported a net loss of $1.3 million, or $0.05 basic and diluted loss per share, compared with a net loss for the prior year of $9.7 million, or $0.38 basic and diluted loss per share. [Read more…] about PVF Capital Corp. Announces Fiscal 2012 Fourth-Quarter Earnings and Full-Year Financial Results
The Fort Wayne Journal Gazette covered the acquisition of Toledo Gear Motor by CapitalWorks’ portfolio company Bluffton Motor Works. In the article, Bluffton President David Nussear briefly discusses the strategic significance of the purchase. Read the article here.
Bob King, president and CEO of PVF Capital Corp. and Park View Federal Savings Bank in Solon, wants you to know that his is a good news story.
The bank and its holding company, which received federal cease-and-desist orders from the Office of Thrift Supervision last October, have raised capital capital and now exceed regullator’ requirements. They have a new management team, Mr. King included, that is focused on reducing the bank’s non-performing assets and maintaining its profitability. And they have seen what he called “a modest improvement” in asset quality. [Read more…] about PVF Capital Pleases Regulators with Elevated Capital Levels
Evolution Capital Management LLC of Pepper Pike has made its first investment from the firm’s $15 million private equity fund in a deal to acquire Innerpac Inc., a maker of corrugated and chip board partitions in Cicero, Ill.
Evolution would not say what was paid for Innerpac, which previously was owned by national City Equity Partners. Innerpac’s management and Cleveland private equity firm CapitalWorks LLC also were investors in the deal, though the size of the investments were not disclosed.
Agreeing to buy Canada’s largest parking company is only the beginning for Gates Group, a May- field Heights-based private equity firm that plans to play consolidator in the fragmented North American parking business.
Buying and taking private Imperial Parking Co., which has about 325,000 parking spaces under management, will cost Gates and its partners about $60 million, if the $26-per-share transaction Imperial announced Jan. 23 wins shareholder and regulatory
The Cleveland-based firm that has acquired a division of Franklin Electric is just seven years old but has invested in a range of businesses from parking lot management companies to a magazine.
CapitalWorks LLC, founded in 1999, announced last week that it was acquiring the Engineered Motor Products division of Bluffton-based Franklin Electric but intends to keep the manufacturing operations in the Wells County community. [Read more…] about Franklin Among Broad Investments