Eckhart Inc, a portfolio company of LFM Capital, has acquired Eagle Engineering, a tool manufacturing company in Iowa. No financial terms were disclosed.
WARREN, MI – July 17, 2018 – Eckhart, Inc., an LFM Capital portfolio company, announced today that it has acquired Eagle Engineering, a premier industrial tool manufacturing company located in the Quad Cities region of Iowa. Eckhart designs and manufactures advanced manufacturing solutions for the world’s largest industrial companies. Eckhart’s suite of Industry 4.0 based solutions includes Autocraft™ autonomous guided vehicles, automated assembly systems, collaborative robotics, 3D printing, contract line design & simulation, and specialized ergonomic assembly line tools and equipment. Eagle Engineering is Eckhart’s fourth add-on acquisition.
Eagle Engineering, founded in 1989 by Bryan Purdy, designs and manufactures custom weld stations, assembly fixtures, and automated test stands for the aerospace, agriculture, high speed rail, renewable energy, construction, mining, and oil & gas industries. Located off of the I-80 corridor in Eldridge, Iowa and less than two hours from Chicago, Eagle Engineering serves some of the largest agriculture and heavy construction companies in the world. Eagle Engineering’s expertise designing custom fixtures for highly automated manufacturing cells is complemented by a team of seasoned experts who have decades of experience building the custom tools to precise specifications.
Bryan Purdy, founder of Eagle Engineering, commented, “Our company is very proud of the contributions we’ve made to American manufacturing over the last 29 years. Our employees know that the innovative tools and equipment that they create have a big impact on the success of our customers’ products. Those products being, highly automated combine harvesters that help improve the productivity and yield of farmers, to tractors and heavy equipment used on construction sites all over the world. Our tooling solutions deliver real value and help our customers build and assemble products that impact people’s lives in a positive way.” Purdy continued, “I was seeking a business partner capable of scaling the business I founded and committed to making capital investments that will enable us to continue providing a high level of local service to our customers. I ultimately chose the Eckhart team because I believe in their Industry 4.0 vision and their commitment to our employees and the surrounding community.”
Eckhart President & CEO Andy Storm said, “We appreciate the strong relationships we’ve formed with key customers in the region who treat us as true partners in their business. When customers invite you to help them improve safety, quality, and productivity in their factories, we feel compelled to demonstrate through action that we are committed to their long-term success. Situated on eight acres of land in close proximity to the largest industrial corridor in the country, we plan to make significant capital investments and rapidly expand our local manufacturing capacity in Iowa. Investing in talent, business systems, and a larger facility footprint will be immediate short-term priorities for our team.”
Storm continued, “This acquisition enables Eckhart to rapidly accelerate the deployment of Industry 4.0 technologies to industries that we believe will shape the future of the world. Population demographics suggest productivity gains in agriculture and food production will be requisite to feed the projected 9 billion people that will inhabit the Earth in 2050. As the world’s population grows so does demand for commercial air travel, thus the record backlog of commercial airplanes at the end of 2017. While agriculture and aerospace are only two of the many industries that Eagle Engineering serves, we believe the long-term potential to expand and grow the business with local customer partners is significant.”
About Eckhart, Inc.
Founded in 1974 and based in Lansing, Michigan, Eckhart, Inc. engineers advanced industrial solutions that enhance the quality of life. Eckhart’s proven portfolio of advanced manufacturing technology includes market-leading autonomous guided vehicles (AGVs), collaborative robotic systems, traditional robotics, additive manufacturing tool development & production, and ergonomic general assembly tooling solutions for the world’s largest manufacturers. Eckhart serves an established and loyal, blue-chip customer base of leading automotive and industrial original equipment manufacturers that include Stryker Medical, General Electric, Ford, Tesla, PACCAR, John Deere, Bradford White, and Caterpillar. For additional information, please visit www.eckhartusa.com.
About Eagle Engineering
Founded in 1989 and based in Eldridge, Iowa, Eagle Engineering designs and manufactures custom weld stations, assembly fixtures, and automated test stands for the aerospace, agriculture, transportation, heavy construction, mining, and oil & gas industries. Eagle Engineering customers include John Deere, AGCO, Case New Holland Industrial, Genesis Systems Group, Doosan-Bobcat, Bridgestone, Caterpillar, and Winnebago Industries.
About LFM Capital
LFM Capital is a Nashville-based private equity firm focused on private lower middle-market U.S. manufacturing and industrial services companies with outstanding growth prospects. LFM currently manages a $110 million private equity fund that targets lead or control investments in market-leading niche manufacturing and industrial services companies with enterprise values in the range of $15 million to $75 million. The LFM team is led by experienced and successful Fortune 50 global executive managers and private equity professionals who bring decades of management leadership, operating best practices, exceptional professional recruiting networks, and a successful track record in lower middle-market investing. LFM partners with management teams to drive business value through a combination of manufacturing and operations excellence, world-class executive management, and targeted growth and expansion strategies. For additional information, please visit www.lfmcapital.com.