CapitalWorks Private Equity Firm Cleveland Ohio

Local Firms Swap Illinois Manufacturer

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.

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