New State acquires business continuity solutions provider AFIMAC

Piper Sandler and Moelis provided financial advisory services to New State while The Gelfand Group and Carleton McKenna & Co acted as financial advisors for AFIMAC.

  • Joe Schollaert will continue to serve as AFIMAC’s president and CEO
  • The acquisition of AFIMAC marks New State’s fifth deal in nine months
  • New State invests in companies with $8 million to $40 million of EBITDA in the areas of business services, industrials, and consumer

New State Capital Partners has acquired Ohio-based AFIMAC, a provider of specialty business continuity solutions, as a carve-out from parent company Dalton First Financial Inc. No financial terms were disclosed.

Joe Schollaert will continue to serve as AFIMAC’s president and CEO.

AFIMAC’s clients include Fortune 500 companies across end markets such as food and beverage, consumer, business services, and specialty manufacturing.

“We are excited to add AFIMAC to our portfolio and to partner with Joe and his outstanding team,” said Daniel Han, a senior principal at New State, in a statement. “As a sector, business continuity services are well-positioned for growth, and AFIMAC stands out among its peers for its long-standing reputation for quality and responsiveness.”

The acquisition of AFIMAC marks New State’s fifth deal in nine months and the fourth platform investment in New State Capital Partners Fund III, LP, which was raised and activated last year.

Morgan, Lewis & Bockius acted as legal advisors and Piper Sandler and Moelis provided financial advisory services to New State. The Gelfand Group and Carleton McKenna & Co acted as financial advisors for the company.

New State Capital has the ability to invest up to $100 million in equity per transaction and seeks to invest in market-leading companies with $8 million to $40 million of EBITDA in the areas of business services, industrials, and consumer. New State and its affiliates have invested in more than 30 companies to date.