Class VI Partners (“Class VI”) is pleased to announce the acquisition of Workplace Modular Systems, LLC (“Workplace” or the “Company”), a portfolio Company of Gemini Investors (“Gemini”) by Accelevation LLC (“Accelevation”), a portfolio company of LFM Capital (“LFM”). The Company’s partnership with Accelevation and LFM will further enable Workplace to support its current base of loyal customers, bolster its current product offering, and expand its presence into new end-markets and geographies.
Based in Londonderry, NH, Workplace designs and manufactures best-in-class modular workstations in both standard and customer-specific configurations. The Company’s products incorporate industry-leading ergonomic solutions, including tech-enabled height adjustability, that are flexible, attractive, and durable—ideal for laboratory and manufacturing environments. Its broad product line includes workstations, packing/shipping stations, instrument mounting solutions, storage, and seating—all enhanced by an industry-leading selection of accessories. For over 60 years, the Company has built a loyal customer base, including numerous Fortune 1000 companies. It serves a diverse and attractive set of end-markets including biotechnology, clinical labs, medical device manufacturing, education, government, aerospace & defense, and industrial manufacturing.
Zack Gibson, Managing Director at Class VI, said, “It was an honor to represent Workplace in this transaction. Workplace is an industry leader with decades of experience, and we are grateful that the ownership group and management team trusted Class VI to support them in this transaction. What Jim and the team have built is impressive and we are excited to watch their continued growth with Accelevation.”
Class VI Vice President Alex Woolford added, “It was a great privilege to represent Workplace and find a partner who will support the Company in its next phase of growth. The acquisition is a testament to the hard work and dedication of the entire team at Workplace, starting with Jim. We are grateful and humbled to have played a small part in this exciting chapter of the Company’s 60-plus year history.”
“Class VI has been an invaluable hands-on partner in managing the process on behalf of Workplace while I was running our day-to-day business,” said Jim McEleney, President and CEO of Workplace. “I especially appreciated their guidance in the nuances of developing materials, telling our story to the market, and facilitating a clear understanding of how to evaluate prospective purchasers. They have been tireless in providing the expertise and ongoing support that has resulted in the welcomed investment by LFM and Accelevation in Workplace Modular Systems, and I would highly recommend Class VI to any business owner considering a potential transaction.”
“We are proud of what the Workplace team accomplished over the last nine years,” said Matt Keis, Managing Director at Gemini Investors. “Jim carefully led the transition from a family business to a professionally run one, while respecting the roots of the Company that made it successful. Class VI played a critical role in supporting the Workplace team through the sale process and finding a good partner for the Company in its next chapter. We’ve had the privilege of working with Class VI on over a half dozen transactions and knew from experience that their hands-on approach and knowledge of the manufacturing space would make them a perfect advisor for Workplace”.
Accelevation President and CEO Michael Rubiera stated, “We were immediately impressed with Workplace’s deep product expertise and diverse, loyal customer base. There are attractive potential synergies from the acquisition, particularly related to SkyLab, which will further fuel our growth.”
Chris Lin, LFM Managing Director, commented, “LFM is excited about the complementary addition of Workplace to the Accelevation platform, which will broaden the product offering available to current and new customers. We look forward to working closely with the Workplace team to scale the combined business.”
Based in Springboro, OH, Accelevation is a vertically integrated group of manufacturing companies serving the data center, electric vehicle and robotic markets. The company’s subsidiary divisions include SkyLab, a provider of extrusion components and in-plant material management and engineering support to advanced manufacturing facilities. Accelevation is headquartered in Springboro, OH, and has been a portfolio company of LFM Capital since August 2022.
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 www.lfmcapital.com.
The transaction closed on March 31st, 2023. Fredrikson & Byron P.A. served as legal counsel to Workplace, and Bass, Berry & Sims PLC served as legal counsel to LFM.
For more information about the transaction, please contact Alex Woolford at (303) 243-5615 or awoolford@classvipartners.com, and Zach Solomon at (303) 243-5646 or zsolomon@classvipartners.com.
About Class VI Partners
Class VI provides middle-market investment banking services, including mergers and acquisitions advisory, corporate advisory, business valuation, and private capital raising services through its affiliate, Class VI Securities, LLC and Member FINRA. Class VI is also affiliated with and offers wealth management services through Class VI Family Office, LLC, a Registered Investment Advisor with the Securities & Exchange Commission.
Jim McEleney is a client of Class VI Partners and is not being compensated for sharing his opinion and experience with the firm. Any compensation creates a conflict of interest. Comments by Jim McEleney may not be representative of any other person’s experience with the firm and are no guarantee of future performance or success.
Disclosures
Investment advisory services offered through Class VI Partners’ affiliate Class VI Family Office, LLC, a Registered Investment Adviser with the U.S Securities and Exchange Commission. Class VI Partners offers investment banking and private securities transactions through its affiliate, Class VI Securities, LLC. Class VI Securities, LLC is a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA). Class VI Pathfinder, LLC, provides general business consulting to privately held businesses.
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