- LFM Capital invests in lower middle market manufacturing and industrial services businesses
- Founded in 1987, Novex is headquartered in Wadsworth, Ohio
- LFM is headquartered in Nashville
LFM Capital has acquired Novex, a maker of polyurethane belting and sheet product. No financial terms were disclosed.
Chuck Lynn, founder and CEO of Novex, and his family will continue to be substantial investors in the business alongside LFM.
Founded in 1987, Novex is headquartered in Wadsworth, Ohio.
On the acquisition, LFM Managing Director Dan Shockley said in a statement: “We are pleased to welcome Novex to LFM’s growing portfolio. Over the past 35 years, Novex has developed strong brand recognition as a differentiated belt manufacturer that offers a specialized product in what we consider to be a fragmented market. We look forward to partnering with the Novex team to build on this momentum.”
Operating Partner Richard Butler and Associate Dalton Gullett worked with Shockley and Harris on the investment from LFM. Jessica Ginsberg, LFM Managing Director of business development, helped source the opportunity.
LFM Capital is a private equity firm based in Nashville. LFM targets lead or control investments in U.S.-based lower middle market manufacturing and industrial services companies with at least $3 million of EBITDA and enterprise values ranging from $15 million to $125 million.