Windjammer buys Fecon from LFM

LFM Capital has sold Fecon to Windjammer Capital Investors.

LFM Capital has sold Fecon to Windjammer Capital Investors. No financial terms were disclosed. Fecon is a maker of heavy-duty forestry mulching equipment and related accessories in North America.


NASHVILLE, TN, January 5, 2022 – LFM Capital, a private equity firm focused on lower middle market manufacturing and industrial services businesses, announced today the sale of Fecon, LLC (“Fecon”) to Windjammer Capital Investors. Financial terms of the transaction were not disclosed.

Fecon is the leading manufacturer of heavy-duty forestry mulching equipment and related accessories in North America. The company’s products are used for vegetation management, erosion control, general land clearing and habitat restoration and include patented Bull Hog® cutting and mulching attachments, purpose-built vehicle carriers used to maneuver attachments, and a complementary range of mounted attachments including stump grinders, grapples and shears. Fecon was founded in 1992 and is based in Lebanon, Ohio.

Ken Hoefling, LFM Operating Partner and Chairman of Fecon, commented, “LFM has thoroughly enjoyed partnering with Bob Dieckman and the rest of Fecon’s leadership team to execute the company’s growth initiatives and operational agenda. We are proud that Fecon has developed a world class culture providing innovative products that have revolutionized the land clearing and vegetation management industry.”

LFM acquired Fecon in October 2018 and provided guidance and resources to support key growth and strategic goals. With LFM’s support, Fecon increased its dealership network, expanded its product offering, deepened strategic relationships with OEM partners, tripled production throughput, and strengthened the executive leadership team with key hires.

Bob Dieckman, CEO of Fecon, commented, “We are appreciative of the guidance provided by the LFM team, which allowed Fecon to confidently pursue a number of strategic and operational priorities that have enabled strong growth over the last three years. We are excited about partnering with the Windjammer Capital team and look forward to the company’s continued success.”

Lincoln International, LLC served as exclusive financial advisor to Fecon. Bass, Berry & Sims served as counsel to Fecon.

About LFM Capital
LFM Capital is a private equity firm based in Nashville, Tennessee. 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 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. The firm’s mission is to partner with portfolio company management to develop and build world-class operations through a combination of manufacturing and operations excellence and targeted growth and expansion strategies. For additional information, please visit