Ohio-based Mirac Inc, an electronics assembly and fabrication company, has secured $7.55 million in funding. The investor was Advantage Capital.
ST. LOUIS–(BUSINESS WIRE)–Advantage Capital today announced a $7.55 million investment in Mirac, Inc., a rural Ohio-based electronics assembly and fabrication company with locations in Lynchburg and West Union, that will help keep jobs in rural Ohio.
Since its founding in 1992, Mirac has been a significant part of the Lynchburg community. The largest employer in the region, Mirac added a second location in West Union in 2018 and remains a strong contributor to the Ohio Valley manufacturing industry and overall economy.
“This investment to keep Mirac in rural Ohio – maintaining good, quality jobs that benefit Ohio families, boosting economic development where it’s needed most, and providing access to capital so businesses can expand – is exactly what we intended for the Ohio Rural Business Growth program,” said Senator Bob Peterson, Ohio District 17. “With this program, we’re helping to create a better environment for Ohioans to grow and prosper, by investing in our local businesses and communities, and strengthening workforce development efforts.”
Mirac founder and CEO Ralph Captain had a strong desire to sell his business to an acquirer that shared his commitment to these two rural communities. Louisville, KY-based equity partner Weller Equity fit the bill. In addition, the requirements of the RBG program and the participation of Advantage Capital will cement that commitment to rural Ohio.
“We’re excited to partner with like-minded organizations that share our commitment to the community,” said Captain. “This investment is critical not only for our employees in the Lynchburg and West Union communities, but also for the area’s continued economic development. Many circuit board manufacturers such as ourselves outsource to Asia, and I was unwilling to let that happen here. This area is home to me, and I’m looking forward to seeing it grow and prosper.”
The investment helps preserve jobs, expand economic development, and maintain strong commercial activity in a rural area of Ohio – like many other rural communities across the country – that’s been slow to recover from the 2008 recession.
More than 80% of Mirac’s jobs are available to those with a high school degree or equivalent and they offer on-the-job training – two important components in helping to build a larger, stronger labor force. The company’s critical technology components are vital to Appalachia’s prosperity and manufacturing base.
Along with the Ohio RBG program, the investment was also made in connection with the New Markets Tax Credit program. This long-standing federal program mirrors the RBG’s focus on boosting capital in places underserved by traditional financing sources, to spur business growth, jobs and economic development.
“This is our second investment under the RBG program and, like the first, it will have a significant impact in rural Ohio,” said Chris Harris, senior vice president at Advantage Capital. “Mirac has been a significant employer in southern Ohio for decades, and we plan to work with the company so that it may continue to invest in the local economy, promote quality jobs, and enhance workforce efforts. We’re pleased to leverage our investment capabilities – and partnerships with state and federal economic development programs – to support solid companies like Mirac.”
About Advantage Capital
Advantage Capital provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $2.6 billion in companies from a diverse array of industry sectors and has helped support more than 48,000 jobs. Learn more at www.advantagecap.com, or via Twitter or LinkedIn.
Mirac, Incorporated is an electronics assembly and fabrication company that primarily works with companies on a contractual basis, and specializes in the design, fabrication and assembly of printed circuit boards and wire harnesses for use in the energy/petroleum, consumer and commercial/industrial sectors. Learn more at www.miracinc.com.
About Weller Equity
Weller Equity Partners is a private equity firm based in Louisville, Kentucky that invests in lower middle-market companies throughout the Mid-South region of the U.S. Weller focuses on companies that have talented and committed management teams and significant growth opportunities. Learn more at www.wellerequity.com.
Advantage Capital is an investment adviser registered under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. The information in this release is not intended to be an advertisement concerning investment advisory services or an offer to buy or sell securities of any type. Advantage Capital is an equal opportunity provider.