LFM Capital Completes Sale of Salient
NASHVILLE, TN – September 17, 2024 – LFM Capital, a private equity firm focused on lower middle market manufacturing and industrial services businesses, announced today the sale of Salient (“Salient”) to Trystar, LLC, a portfolio company of Blackstone (NYSE: BX). Financial terms of the transaction were not disclosed.
Salient, headquartered in Charlotte, NC with additional facilities in Colorado, Kentucky, and Texas, is an original equipment manufacturer (“OEM”) of custom switchgear and industrial controls that safeguard critical operations in data centers and other industries. Initially, LFM acquired PSI Power and Controls (“PSI”), a leading manufacturer and assembler of custom electrical control panels and emergency power products in January 2020. PSI acquired Salient Power Solutions in February 2022, and the combined company was rebranded to Salient. The acquisition of Salient Power Solutions was a transformative one that accelerated the combined company’s presence in emergency power products and the data center end market.
Over the course of its ownership, LFM provided guidance and resources to help drive sales, increase exposure to growing end markets, and implement an ERP system to centralize business processes. LFM also leveraged its network to provide assistance in recruiting top leadership talent.
Chris Lin, Managing Director at LFM, commented, “Working with the Salient team has been a rewarding experience for LFM over the past few years. We are proud to have supported the Company’s growth and transformation.”
Brian Kisner, Salient CEO and Salient Power Solutions Founder, added, “With LFM’s partnership, we have expanded the business while upholding our commitment to the high-quality, reliable electrical solutions that our customers deserve. We look forward to continuing Salient’s strong momentum alongside our new partners at Trystar.”
Dan Shockley, LFM Capital Managing Director, added, “The sale of Salient denotes a significant milestone for LFM, demonstrating the power of thoughtful, synergistic acquisitions to our platform portfolio companies. We wish Brian and the team continued success in Salient’s next chapter.”
The Salient sale marks the 7th realization from LFM Capital’s inaugural fund.
Harris Williams acted as financial advisor to Salient and LFM Capital. Bass, Berry & Sims acted as legal counsel.
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 www.lfmcapital.com.
About Salient
Headquartered in Charlotte, NC, Salient is an OEM provider of custom switchgear and industrial controls that protect, control and ensure uptime of critical operations across diverse industries. Its design and manufacturing capabilities deliver value to its customers by meeting unique specifications in highly technical, increasingly regulated applications. For additional information, please visit https://www.psicontrolsolutions.com/.