CLEVELAND, OHIO – Cleveland private equity firm CapitalWorks, LLC has acquired C&M Conveyor. Terms of the deal were not disclosed. The acquisition was completed by CapitalWorks’ fourth private equity fund, CapitalWorks Fund IV, L.P.
Based in Bloomington, Indiana, C&M Conveyor designs, engineers, manufactures and services turnkey automated material handling and conveying systems, serving as a value added and critical partner to its industrial and commercial customers, particularly in the corrugated box industry.
“We look forward to supporting the growth of C&M,” said CapitalWorks Managing Director Todd Martin. “C&M is a high-quality manufacturer of conveyor systems and provides customers with top-of-the-line installation and service.”
CapitalWorks will be partnering with current CEO Don Laipple, who will be transitioning to an advisory board role, and President Randy Grube to execute its growth strategy. Mr. Laipple joined C&M in 2013 and shortly after brought on Grube. Under their leadership the company has successfully implemented operational improvements and disciplined processes that have positioned the company for future growth.
“We are excited to partner with CapitalWorks on the next phase of growth for C&M,”stated Randy Grube. “Their network of industry experts and deep understanding of our business and end markets will only help to enhance the trajectory of the company.”
“With the resources brought by CaptialWorks, and under Randy’s direction, C&M is well-positioned for growth well into the future,” said Don Laipple.
CapitalWorks is pleased that J.D. Sullivan, Jr., former CEO of Mayfran International, and Tim Burns, a packaging expert with 30 years of industry experience, will join Don Laipple on the Advisory Board of C&M Conveyor to help refine the vision and strategy and ultimately drive performance.
Oxer Capital provided subordinated debt and senior financing was provided by KeyBank.
About C&M Conveyor
C&M Conveyor (cmconveyor.com)Located in Bloomington, Indiana, C&M Conveyor designs, engineers, manufactures and services turnkey automated material handling and conveying systems, as a value-added and critical partner to its industrial and commercial customers, particularly in the corrugated box industry. C&M differentiates itself through innovative products for new conveyor systems and broad service capabilities along all points of a conveyor system lifecycle.
CapitalWorks LLC (capitalworks.net) is a Midwestern and family-focused private equity firm that encourages knowledgeable investors to partner with it in finding, vetting and owning companies. Based in Cleveland, Ohio, CapitalWorks acquires lower middle-market companies in the niche manufacturing, value-added distribution, and business services industries and gives them the capital, support and freedom to grow. Recent acquisitions include GEMCITY Engineering and Manufacturing, Paradigm Windows and Chemtron Corporation. Founded in 1999, CapitalWorks’ investors are primarily successful entrepreneurs and executives who contribute to the evaluation and investment process.
Richard Hollington III, Managing Director, CEO CapitalWorks, LLC
Todd Martin, Managing Director, CapitalWorks, LLC
Don Laipple, CEO, C&M Conveyor
Randy Grube, President, C&M Conveyor