M&A Deal Summary

Merit Capital Partners and Fulton Capital Acquire AFx

On March 7, 2024, mezzanine finance firm Merit Capital Partners and private equity firm Fulton Capital acquired electrical equipment company AFx

Acquisition Highlights
  • This is Merit Capital Partners’ 6th and Fulton Capital’s 4th transaction in the Electrical Equipment sector.
  • This is Merit Capital Partners’ 97th and Fulton Capital’s 6th transaction in the United States.
  • This is Merit Capital Partners’ 11th and Fulton Capital’s 1st transaction in Illinois.

M&A Deal Summary
Date 2024-03-07
Target AFx
Sector Electrical Equipment
Buyer(s) Merit Capital Partners
Fulton Capital
Deal Type Buyout (LBO, MBO, MBI)

Target

AFx

Waukegan, Illinois, United States
AFx designs, assembles, and distributes lighting fixtures that serve the contemporary and decorative lighting markets for lite commercial and residential installations. AFx is based in Waukegan, Illinois.

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Buyer(S) 2

Buyer

Merit Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Merit Capital Partners is a private investment firm that targets investments in middle market manufacturing, distribution, and service based businesses. Merit looks for companies generating at least $25 million in sales and at least $4 million in EBITDA. Merit can provide both equity and junior capital financing and looks to commit at least $15 million per transaction. Prospective transaction situations include management buyouts, recapitalizations, growth financings, divestitures, unsponsored transactions, and ESOPs. Merit Capital will not invest in start-ups, turnarounds, real estate, specialty retail, or oil/gas opportunities. Merit Capital was originally known as William Blair Mezzanine Capital and became independent in 2004. Merit was formed in 1993 and is based in Chicago, Illinois.

DEAL STATS #
Overall 98 of 98
Sector (Electrical Equipment) 6 of 6
Type (Buyout (LBO, MBO, MBI)) 62 of 62
State (Illinois) 11 of 11
Country (United States) 97 of 97
Year (2024) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-23 Circuit Check

Maple Grove, Minnesota, United States

Circuit Check is a provider of electronic test equipment and services to OEMs and contract manufacturers in the technology, medical and industrial and markets. Circuit Check was founded in 1979 and is based in Maple Grove, Minnesota.

Buy -
Buyer

Fulton Capital

Northbrook, Illinois, United States
Category Private Equity Firm
Founded 2003
Size Small
Type Sector Agnostic
DESCRIPTION

Fulton Capital is a private equity firm small to mid-sized companies with revenues between $10 and $100 million. Prospective companies are profitable with a minimum EBITDA of $2 million and up to $10 million. Fulton looks for control investment situations and prefers opportunities located in the US. Sectors of interest include niche manufacturing, logistics, distribution, and service. Fulton Capital is based in Chicago, Illinois.

DEAL STATS #
Overall 6 of 6
Sector (Electrical Equipment) 4 of 4
Type (Buyout (LBO, MBO, MBI)) 4 of 4
State (Illinois) 1 of 1
Country (United States) 6 of 6
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-12 RP Lighting + Fans

Albuquerque, New Mexico, United States

RP Lighting + Fans is a distributor of ceiling fans, electrical wiring devices, and lighting fixtures used predominantly in multi-family housing complexes and other related end markets. Royal Pacific was founded in 1990 and is based in Albuquerque, New Mexico.

Sell -
Mergr

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