LFM CAPITAL COMPLETES SALE OF MEDIX SPECIALTY VEHICLES
NASHVILLE, TN, April 15, 2021 – LFM Capital, a private equity firm focused on lower middle market manufacturing and industrial services businesses, announced today the sale of Medix Specialty Vehicles (“Medix”) to Demers Braun Crestline (DBC), a subsidiary of Demers Braun Ambulance Manufacturer. Financial terms of the transaction were not disclosed.
Medix, based in Elkhart, Indiana, designs and manufactures ambulances that are utilized to provide essential services such as emergency response and patient transport. Medix offers Type I, Type II, and Type III ambulances that are crafted and designed to offer exceptional comfort, quality, and convenience at a reasonable price. Medix primarily sells ambulances through dealers that in turn sell to a diverse group of end users including private ambulance service providers and municipalities.
Dan Shockley, Managing Director at LFM, said, “We are pleased to complete the sale of Medix Specialty Vehicles. During our ownership, we worked closely with the team to drive operational improvements, introduce new products and features, strengthen distribution capabilities, and create a new brand – GenT. We are confident that Medix will continue to thrive as part of DBC.”
LFM acquired Medix in August 2017 and provided strategic guidance and resources to support growth and improve infrastructure during its ownership period. With LFM’s support, Medix achieved several key operational goals, strengthened its dealership network and added new dealerships in key markets like Texas and California to better serve those attractive regional markets, and expanded its product offering by adding a new brand, new models and new product features. The initiatives drove growth and strengthened Medix’s path to new customers and new markets.
Greg Rusk, CEO of Medix, commented, “We are gratified by how far Medix has come over the last three years, especially given the challenges of the last year, and appreciate LFM’s support and guidance on our growth and improvement initiatives. We look forward to joining the DBC family to continue our growth.”
Lincoln International, LLC provided sell-side financial advisory services. Bass, Berry & Sims served as counsel to Medix.
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 Medix Specialty Vehicles
Medix Specialty Vehicles is an industry leader in the manufacturing of Type I, Type II, and Type III ambulances serving both the private and fire service side of the industry. Since 2001, Medix has grown rapidly and today employs over 190 people, operates five manufacturing plants, dedicating over 127,000 sq ft to modular production, paint, R&D, special projects and efficient Type II production. Medix Specialty Vehicles commercializes some of the highest quality, best valued ambulances in the industry. For additional information, please visit www.medixambulance.com.