ECKHART, AN LFM CAPITAL PORTFOLIO COMPANY, ACQUIRES LOGIC PLUS
LANSING, MI – March 20, 2018 – Eckhart, Inc. announced today that it has acquired Logic Plus, a premier electrical controls and automation company based in Northern Michigan. Eckhart designs and manufactures advanced manufacturing solutions for the world’s largest industrial companies. Eckhart’s suite of solutions includes Autocraft™ autonomous guided vehicles, automated assembly systems, robotics, 3D printing, contract line design & simulation, and specialized ergonomic assembly line tools and equipment. Eckhart has been a portfolio company of Nashville-based LFM Capital since 2015. Logic Plus is Eckhart’s third acquisition. Nuvescor Group, a West Michigan based mergers and acquisitions firm, represented Logic Plus and introduced the investment opportunity to LFM Capital.
Logic Plus, founded by Jody Zolman in 1987, specializes in custom electrical controls design and integration for a variety of end markets including consumer packaged goods, food, medical, pharmaceutical, and waste water treatment. Logic Plus is a UL certified electrical panel builder that delivers the highest quality electrical panels available in North America. With over 200 customers across all major industrial regions of the world, Logic Plus has the experience and technical depth to solve the most difficult electrical controls related problems.
Jody Zolman, founder of Logic Plus, commented, "For over 30 years, we’ve committed ourselves to delivering the highest quality products and services to our customers. No matter the challenge, our team embraces science and technology to deliver real value to our customers. From artificial intelligence, to autonomous vehicles, to smart factories, and more, our team of technical experts is committed to creating safer factories that produce better quality at higher levels of productivity." Jody continued, "I was seeking business partners committed to being good stewards of the business that I founded in the spare bedroom of my home. I chose to partner with LFM Capital and the Eckhart team because of their commitment to grow and expand our business in Northern Michigan and their genuine interest in the long-term success of all employees."
Eckhart President & CEO Andy Storm said, "This acquisition enables Eckhart to rapidly accelerate the deployment of Industry 4.0 technologies that are shaping the smart factories of the future. Logic Plus brings diverse customers and industries poised for long term growth around the world. With over three decades of experience serving the pharmaceutical, life sciences, and waste water treatment industry, Logic Plus enhances our ability to scale and grow our controls, robotics, and automation-based suite of solutions in non-cyclical markets projected to expand steadily over the next quarter century."
About Eckhart, Inc.
With over 60 years of experience and based in Warren, Michigan, Eckhart engineers advanced industrial solutions that enhance the quality of life. Eckhart’s proven portfolio of advanced manufacturing technology includes Autocraft™ autonomous guided vehicles (AGVs), collaborative robotic systems, traditional robotics, contract assembly line design & simulation, 3D printing tool development & production, and ergonomic general assembly tooling solutions for the world’s largest manufacturers. Eckhart serves an established and loyal, blue-chip customer base of leading automotive and industrial original equipment manufacturers that include Stryker Medical, General Electric, Ford, Tesla, PACCAR, John Deere, Bradford White, and Caterpillar. For additional information, please visit www.eckhartusa.com.
About Logic Plus
Founded in 1987 and based in Reed City, Michigan, Logic Plus is a UL certified electrical control cabinet and automated controls design and integration solutions provider. Logic Plus serves a broad range of industries including pharmaceutical, electrical battery, plating & anodizing, waste water treatment, food, automotive, and garage door production. Core competencies include custom designed and manufactured control systems, programmable logic controllers, process control automation, human machine interface, and automated material handling solutions. Logic Plus customers include Nestle, Cargill, Herman Miller, Coca-Cola, General Mills, and CertainTeed Corporation. For additional information please visit www.logicplus.net.
About LFM Capital
LFM Capital is a Nashville-based private equity firm focused on private lower middle-market U.S. manufacturing and industrial services companies with outstanding growth prospects. LFM currently manages a $110 million private equity fund that targets lead or control investments in market-leading niche manufacturing and industrial services companies with enterprise values in the range of $15 million to $75 million. 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 partners with management teams to drive business value through a combination of manufacturing and operations excellence, world-class executive management, and targeted growth and expansion strategies. For additional information, please visit www.lfmcapital.com.
About Nuvescor Group
NuVescor is a distinguished mergers & acquisitions service provider headquartered in West Michigan and serves clients throughout Michigan and the Midwest. Their passion is discerning and exceeding client expectations through successful and timely business transactions. Nuvescor offers a complete array of professional buy and sell-side business brokerage services, which includes corporate M&A outsourcing, to a growing network of clientele.