LFM Capital has acquired PSI Control Solutions, a manufacturer and assembler of custom electrical control panels and emergency power products.
PSI’s products include control panels, low and medium voltage starters, variable frequency drive (VFD) panels, power-metering equipment, transfer switches and generator tap boxes used by original equipment manufacturers. A generator tap box is a device that is installed outside of a building to connect a businesses’ emergency portable generators to its electrical system.
The company’s emergency power products are sold to and through electrical distributors, electrical contractors, hospitals, data centers, and retailers. PSI is headquartered in Charlotte, North Carolina and has a total of 70,000 square feet of manufacturing space in two facilities – its second facility is in Mayfield, Kentucky – that make more than 13,000 control panels annually. The company, with 75 employees, was founded in 1961 by the Pickens family and is today led by third-generation owner and CEO David Pickens.
“For nearly six decades, our family has grown PSI by producing reliable, high-quality solutions for our customers,” said Mr. Pickens. “Our exceptional employees take great pride in PSI’s reputation for quality and outstanding customer relationships. We are excited about the partnership between PSI and LFM and look forward to leveraging their manufacturing and operational expertise during the next stage of the company’s growth.”
At the closing of this transaction, Mark Todd was hired by PSI as its new president. Mr. Todd joins PSI from Kaman Industrial Technologies, a publicly traded (NYSE: KAMN) industrial parts distributor, where he was a business unit general manager. In August 2019, Littlejohn & Co. acquired the distribution business of Kaman for $700 million. Earlier in Mr. Todd’s career, he spent more than 20 years at Rockwell Automation.
“PSI is highly regarded for the outstanding quality and performance of its products,” said Steve Cook, LFM’s executive managing director. “We have enjoyed getting to know David and PSI over the past year, and we look forward to investing in and working alongside the team to expand and grow the business by pursuing the many opportunities available in the company’s core segments.”
LFM invests in US-based manufacturing and industrial services companies with at least $3 million of EBITDA and enterprise values from $15 million to $125 million. LFM was formed in May 2014 by Steve Cook, Rick Reisner, and Dan Shockley and is headquartered in Nashville.
© 2020 Private Equity Professional | April 10, 2020
Source: https://peprofessional.com/2020/04/lfm-buys-control-panel-maker/
