News

LOUISVILLE, KY (November 17, 2020) Louisville-based Weller Equity Partners, a private equity firm that invests in lower middle-market companies throughout the Mid-South, announced today that its portfolio company Mirac, LLC has purchased Dayton-based Tabtronics, Inc., a privately-owned electronic manufacturing services (“EMS”) company. Terms of the November 2, 2020 acquisition were not disclosed.

Mirac is an EMS company primarily working as a contract manufacturer in electronic fabrication and assembly. Founded in 1992 and based in Lynchburg, Ohio, the company specializes in the design and circuit card assembly (“CCA”) of printed circuit boards and wire harnesses as well as the assembly of final products for use in the energy/petroleum, consumer and commercial/ industrial sectors. Today, Mirac serves a variety of commercial and industrial customers throughout the region, many of which have been satisfied customers for more than 15 years.

Founded in 1991 by Tom Biel, Tabtronics offers similar services to Mirac and also has a very loyal customer base, most of which have been customers for decades. Tabtronics also brings a high level of industry experience and professional certifications in the medical and defense industries.

According to Dale Boden, co-managing partner of Weller Equity Partners, “We have been searching for another EMS business in the region to complement Mirac and Tabtronics is a perfect fit due to its location, industries served and high-touch customer service culture. At the same time, Tom Biel has been seeking a partner with shared values to enable him to step back from the day-to-day operations. Together, these two companies bring additional capacity, resources and industry expertise and a shared commitment to provide the highest level of customer service.”

“Partnering with Tom and his team is yet another example of how Weller Equity Partners joins forces with talented entrepreneurs and their management teams to provide liquidity for shareholders without causing any disruption to their business and their employees,” added Ken Berryman, co-managing partner at Weller Equity Partners.

According to Tom Biel, founder of Tabtronics, “This combination of contract manufacturers provides Tabtronics’ customers with added capabilities and benefits, such as engineering services, a dedicated sales team, an exclusive wiring and cabling production facility, greater production capacity and equipment redundancy so that they continue to get the best product and services possible.”

Mirac currently is the largest employer in its region with nearly 70 employees and operations in Lynchburg and a second facility in West Union, Ohio which it opened in 2018 to expand its services. Weller acquired a majority interest in Mirac in August 2018. Tabtronics currently has 26 employees at its facility in Dayton, Ohio.

Weller was advised by Frost Brown Todd (legal) and BKD CPA’s & Advisors (financial).

About Mirac, LLC

Mirac is an electronic assembly and fabrication company that primarily works with companies on a contractual basis, and specializes in the design, fabrication and assembly of printed circuit boards and wire harnesses for use in the energy/petroleum, consumer and commercial/industrial sectors. For more information, please visit www.miracinc.com.

About Weller Equity Partners

Weller Equity Partners is a private equity firm based in Louisville, Kentucky that invests in lower middle-market companies throughout the Mid-South region of the U.S., primarily in manufacturing, healthcare, information technology, food & beverage and business services. Weller focuses on companies that have talented and committed management teams and significant growth opportunities. Our mission is to address the capital and liquidity objectives of smaller private companies by providing flexible funding structures and private equity expertise to its owners. The Weller team is committed to producing long-term value in its portfolio companies through a combined 60+ years of broad finance, investment and management experience. For more information, please visit www.wellerequity.com.

Louisville-based Weller Equity Partners (“Weller”), a private equity firm that invests in lower middle-market companies throughout the Mid-South, announced today that it has recapitalized Mirac, Incorporated, an Ohio-based electronics assembly and fabrication company. Terms of the acquisition were not disclosed.

Founded in 1992 and based in Lynchburg, Ohio, Mirac primarily works as a contract manufacturer in electronics assembly and fabrication. Today Mirac specializes in the design, fabrication and assembly of printed circuit boards and wire harnesses for use in the energy/petroleum, consumer and commercial/industrial sectors. From design and engineering, through the manufacturing and delivery, the company is committed to providing the highest level of customer service. Mirac currently is the largest employer in its region with 100 employees and operations in Lynchburg and a second facility in West Union, Ohio which it opened in 2018 to expand its services.

According to Dale Boden, co-managing partner of Weller Equity Partners, “As part of our investment criteria, we look for strong regional companies with identifiable competitive advantages in their industries, as well as experienced management teams that are vested in their company’s success. We are excited to work with the Mirac team led by Ralph Captain, who has been active in the electronics industry since the 1980s with experience in many different specialties. Weller’s investment provides growth capital needed to expand distribution and service offerings while maintaining Mirac’s industry leading quality and delivery standards. This investment is a great fit for our growing portfolio of manufacturing investments.”

“This investment from Weller Equity Partners validates Mirac’s competitive advantage and industry leadership,” said Ralph Captain, Mirac’s President and CEO. “I recognized that I am not getting any younger and wanted to find a growth partner capable of taking Mirac’s business to the next level. After meeting with the Weller team, it became clear to me that they can provide the necessary resources, both in terms of capital investment and strategic expertise, to support our growth initiatives.”

“Partnering with Ralph Captain and his team is yet another example of how Weller Equity Partners joins forces with talented entrepreneurs and their management teams to provide liquidity for shareholders without causing any disruption to their business,” added Ken Berryman, co-managing partner at Weller Equity Partners. “Ralph and his team will continue to provide excellent service to Mirac’s customers, now with the considerable resources and experience Weller brings to the table.”

Mr. Captain will maintain a significant ownership stake and continue with the business as an officer and member of the company’s Board of Directors.

Weller was advised on the transaction by Frost Brown Todd (legal) and BKD (financial).

About Mirac

Mirac is an electronics assembly and fabrication company that primarily works with companies on a contractual basis, and specializes in the design, fabrication and assembly of printed circuit boards and wire harnesses for use in the energy/petroleum, consumer and commercial/industrial sectors. For more information, please visit www.miracinc.com

About Weller Equity Partners

Weller Equity Partners is a private equity firm based in Louisville, Kentucky that invests in lower middle-market companies throughout the Mid-South region of the U.S., primarily in manufacturing, healthcare, information technology, food & beverage and business services. Weller focuses on companies that have talented and committed management teams and significant growth opportunities. Our mission is to address the capital and liquidity objectives of smaller private companies by providing flexible funding structures and private equity expertise to its owners. The Weller team is committed to producing long-term value in its portfolio companies through a combined 60+ years of broad finance, investment and management experience. For more information, please visit www.wellerequity.com.

Vogt Ice, a leading commercial and industrial supplier of ice equipment, announced today that an investor group led by Weller Equity Partners has acquired a majority stake in the company. Terms of the acquisition were not disclosed. Louisville-based Weller Equity Partners is a private equity firm that invests in lower middle-market companies throughout the Mid-South with a focus on manufacturing, healthcare,
information technology, food & beverage and business services.

Vogt Ice, a former division of Henry Vogt Machine Company, revolutionized the commercial ice-making industry in 1938 when it built the world’s first automatic sized ice machine, the Tube-Ice Machine. Prior to this, ice was made in block form. Vogt engineers designed the unique Tube-Ice Machine specifically to freeze ice automatically in vertical tubes, momentarily thaw ice loose from the tubes and then cut it into short cylinders with a hole in the center.

Today Vogt Ice designs, manufactures and distributes heavy duty ice making machines, chillers and parts to commercial and industrial customers worldwide. Vogt machines feature a tubular form of ice as well as plate ice technology, which produce ice at rates ranging from 1 ton to 110 tons per day. Commercial and industrial customers include packaged ice producers; food service, resorts and casinos; fishing, poultry and agriculture; and thermal energy storage, among others. The company currently has 100 employees with operations in West Louisville.

According to Dale Boden, managing partner of Weller Equity Partners, “As part of our investment criteria, we look for strong regional companies with identifiable competitive advantages in their industries, as well as experienced management teams that are vested in their company’s success. We are excited to back J.T. Sims and his team to provide Vogt Ice with capital to increase its focus on sales and marketing, expand its distribution and develop new products. This investment is a great fit for our growing portfolio of manufacturing investments.”

“This investment from Weller Equity Partners validates Vogt Ice’s competitive advantage and success in our industry,” said J.T. Sims, Vogt Ice’s Chairman and CEO. “Weller’s emphasis on developing collaborative partnerships with entrepreneurs, together with the ability to leverage their experience and access to critical resources to help us grow, makes them a great fit for Vogt Ice today. This recapitalization and partnership will be tremendously helpful in allowing Vogt Ice to expand our distribution and product offerings.”

Mr. Sims will maintain an ownership stake and continue with the business as an officer and member of Vogt Ice’s Board of Directors. Weller partners, Ken Berryman and Ross Jordan have also joined the board along with investors Dan Ulmer, Stephen Sautel and Bob Ayotte.

Weller was advised on the transaction by Frost Brown Todd (legal) and BKD (financial).

About Vogt Ice

Vogt Ice, a former division of Henry Vogt Machine Company, is a leading commercial and industrial supplier of ice equipment. The company revolutionized the commercial ice-making industry in 1938 when it built the world’s first automatic sized ice machine, the Tube-Ice Machine. Prior to this, ice was made in block form. Vogt engineers designed the unique Tube-Ice Machine specifically to freeze ice automatically in vertical tubes, momentarily thaw ice loose from the tubes and then cut it into short cylinders with a hole in the center. For more information, please visit www.vogtice.com.

About Weller Equity Partners

Weller Equity Partners is a private equity firm based in Louisville, Kentucky that invests in lower middle-market companies throughout the Mid-South region of the U.S. Weller focuses on companies that have talented and committed management teams and significant growth opportunities. Our mission is to address the capital and liquidity objectives of smaller private companies by providing flexible funding structures and private equity expertise to its owners. The Weller team is committed to producing long-term value in its portfolio companies through a combined 60+ years of broad finance, investment and management experience.

Weller Equity Partners (Weller), a Louisville, KY-based private equity firm, today announced that it has acquired KFI Seating (KFI), a Louisville, KY-based leading supplier of business and institutional furniture products. The acquisition closed on July 29, 2016.

“We have been looking for an experienced partner to help us replace a retiring co-owner and key executive, while keeping our sights fixed on the continued growth and development of our business,” said Chris Smith, president of KFI.

“We feel very comfortable with our new partnership with the Weller team, especially considering we are both based in Kentucky,” added KFI Chief Operating Officer Scott Williamson.

According to Ken Berryman, managing partner of Weller, “The KFI transaction is a classic fit for Weller as we look to partner with existing management teams to provide liquidity for shareholders, capital for growth, and organizational development to help businesses achieve their full potential.”

KFI was represented by Charter Capital Partners, with Andrew Williams, director, leading the transaction advisory team.

“A key component of the transaction’s success was making sure everyone’s interests were aligned,” commented Williams. “The transaction was designed so that each co-owner of KFI was able to achieve their financial and personal goals, while providing the company with a strategic partner to propel future growth. It was a win-win for all parties.”

Additional advisors to Weller included Frost Brown Todd (legal) and BKD (financial).

Founded in 1978, KFI Seating manufactures and distributes a wide range of moderately priced seating and table products for national educational, hospitality, commercial and government end markets. By listening to customer needs and adapting to changing market conditions, KFI has transformed itself into a furniture company with products to fit almost any seating solution. For more information, visit kfiseating.com.

About Charter Capital Partners

Established in 1989, Charter Capital Partners is one of the Midwest’s premier investment banking firms to the furniture industry, with offices in Michigan and Indiana. The firm’s solutions span the full continuum of capital, including buy-side and sell-side advisory, business valuation, exit planning, and capital raise for start-ups, acquisition and growth capital. To learn more, visit chartercapitalpartners.com.

About Weller Equity Partners

Weller Equity Partners is a private equity firm based in Louisville, KY, that invests in lower middle-market companies throughout the Mid-South region of the U.S. Weller focuses on companies that have talented and committed management teams and significant growth opportunities. Weller’s mission is to address the capital and liquidity objectives of smaller private companies by providing flexible funding structures and private equity expertise to its owners.

About KFI Seating

KFI is a manufacturer of commercial furniture based in Louisville, Kentucky. They manufacture a broad offering of tables and chairs that fit almost any seating solution for Commercial, Hospitality, Education, Government and Healthcare. Most products are manufactured or assembled right here in KY.