CoBe Capital said on Wednesday that it has acquired LSI Corporation of America from a subsidiary of HNI Corporation. No financial terms were disclosed. Based in Minneapolis, Minnesota, LSI is a producer of laminate casework.
MINNEAPOLIS, MN–(Marketwired – June 19, 2013) – CoBe Capital, a global private investment firm focused on operation of non-core and underperforming business units, is pleased to announce today that its principals have acquired LSI Corporation of America from a subsidiary of HNI Corporation. Terms of the transaction were not disclosed.
Headquartered in Minneapolis, Minnesota, LSI designs and manufactures laminate casework. Having produced quality storage systems for over four decades, LSI is a recognized industry leader in the casework systems industry. Its durable storage systems are intended for customers with many users and extended hours of use, such as education, healthcare, laboratory and government facilities.
Darren Chaffee, CoBe Capital’s Managing Director, stated, “We are excited to be the new owners of LSI Corporation of America. The company has a rich history of product quality and customer service, as evidenced by its strong dealer network and nationwide relationships with architects and contractors.”
LSI currently operates out of two plants in the Minneapolis area and its flexible manufacturing capabilities allow it to efficiently and economically run jobs of any size and offer a wide array of customization options.
Darren Chaffee led the transaction on behalf of the principals of CoBe Capital and will partner with LSI management to establish the business as a standalone entity and accelerate its growth.
About LSI Corporation of America
LSI manufactures the laminate casework most often specified by architects in America. Its success rests on a commitment to listening to customers, creating innovative solutions that meet their needs and refining its products through continual client feedback. LSI’s products are used throughout the educational, healthcare, industrial and government markets. The company has been located in Minneapolis, Minn., since 1968, manufacturing and installing case goods that make its customers’ environment more productive.
About CoBe Capital
CoBe Capital, a global private investment firm with a permanent capital base, specializes in the acquisition and operation of non-core and underperforming business units in the Americas and Europe from leading global corporations. CoBe Capital owns and operates a diversified portfolio of companies and strives to achieve long-term growth based on lean management and continuous improvement business philosophies. CoBe Capital was founded by Neal Cohen in 1994. For more information on CoBe Capital, please visit cobecapital.com.
About HNI Corporation
HNI Corporation is a NYSE traded company providing products and solutions for the home and workplace environments. HNI Corporation is the second largest office furniture manufacturer in the world and is also the nation’s leading manufacturer and marketer of gas- and wood-burning fireplaces. The Corporation’s strong brands, including HON®, Allsteel®, Gunlocke®, Paoli®, Maxon®, Lamex®, HBF®, Artco-Bell™, Midwest Folding Products™, ERGO®, Heatilator®, Heat & Glo®, Quadra-Fire® and Harman Stove™ have leading positions in their markets. HNI Corporation is committed to maintaining its long-standing corporate values of integrity, financial soundness and a culture of service and responsiveness. More information can be found on the Corporation’s website at www.hnicorp.com.