CapitalWorks
CapitalWorks Private Equity
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
approvals.
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
Franklin Electric Co., Inc. (NASDAQ: FELE), the world’s largest manufacturer of submersible electric motors and a global supplier of water pumping systems and fuel pumping systems announced today the sale of its Engineered Motor Products Division (“EMPD”) located in Bluffton, Indiana to CapitalWorks, LLC (“CapitalWorks”) an equity firm based in Cleveland, Ohio. Evarts Capital, LLC advised Franklin Electric on the transaction. Terms of the asset sale were not disclosed.
EMPD manufactures and sells fractional horsepower electric motors primarily to original equipment manufacturers (“OEMs”) for specialty applications such as ice cream dispensers, electric hoists, paint mixing machines and food processing applications. EMPD’s revenue represents less than 10% of Franklin Electric’s consolidated sales. [Read more…] about Franklin Electric Announces the Sale of its Engineered Motor Products Divisions
Gates Group LLC, a private equity firm in Mayfield Heights, is preparing to hit the accelerator on its plans to buy automobile parking companies throughout North America after forming a joint venture with Australia’s Babcock & Brown, a multibillion-dollar
global investment and advisory company.
Walter Stuelpe, Gates Group managing partner, said the new joint venture, Babcock & Brown Gates Parking Investments LLC, will have more than $150 million to invest — 50% more than the $100 million of Gates’ predecessor funds.
[Read more…] about Australian Firms Join in $150M Parking Venture
The Lubrizol Corporation (NYSE LZ) announced today that it has signed an agreement for the sale of its Enfine control Systems (ECS) business, with facilities located in Canada, the U.S. and Sweden, to CapitalWorks, an equity firm based in Cleveland, Ohio. Grace Matthews, Inc. advised Lubrizol on the transaction.
This is Lubrizol’s third divestiture since it announced its intent in July to market non-core businesses with combined revenues of $500 million. ECS, with current annual sales of approximately $24 million, was part of Lubrizol’s services and equipment product line in the Lubricant Additives segment. Terms of the combination stock and assets sale were not disclosed.
We really don’t know enough about the players we spend so much time watching, reading about, and thinking about. The media has come up short in answering two categorical questions: how do players train and how do they socialize? We know they work hard and can see the results on the field, but we don’t know how they got there. We know they’re wealthy, but we never see them enjoying the fruits of their labor or interacting with society. What are they really like? Why does it require a visit to training camp or a lucky run-in out on the town to unveil these lives of athletes? [Read more…] about SFM Review: STACK Magazine
Five years ago, when Nick Palazzo and Chad Zimmerman were high school football teammates in suburban Cleveland, they had a hard time tracking down advice for improving their performance. When they went to college — Mr. Palazzo to Harvard and Mr. Zimmerman to Carnegie Mellon — they heard the same complaint from their teammates. Thus was born an idea: start a magazine providing high school athletes with training tips and other pointers for revving up their skills.
By the time Mr. Zimmerman graduated in 2004 (one year after Mr. Palazzo finished his schooling), they had written a business plan. Within six months, they raised well over $1 million, most of it from a local private equity firm. [Read more…] about Stack Magazine Gets Started
CapitalWorks, Keane (Amex: KEA) and Parker Hannifin (NYSE: PH) today announced the formation of a new company, iPower Logistics LLC, which has acquired the iPower Distribution Group Inc. from Parker Hannifin Corporation. Parker retains a 20-percent equity stake in the new company.
The supply network, which currently serves 165 large industrial customers and 175 distributors, has been operated by iPower Distribution Group Inc., as a wholly owned subsidiary of Parker Hannifin, and was originally launched as a service to Parker’s distributors and other complementary industrial distributors. [Read more…] about CapitalWorks, Keane & Parker form iPower Logistics