ORIX Mezzanine & Private Equity Backs Onward Capital with Equity Investment in FSC Lighting
October 03 2018 - 1:26PM
Business Wire
ORIX Mezzanine & Private Equity, a business unit of ORIX
Corporation USA, announced today that it has made an equity
investment in partnership with Chicago-based private equity
investor Onward Capital to facilitate the acquisition of FSC
Lighting (FSC). ORIX Mezzanine & Private Equity is a leading
equity capital partner for independent sponsors throughout North
America.
“We are pleased to invest equity alongside Onward Capital in the
acquisition of FSC, a manufacturer of energy-efficient LED lighting
solutions,” said Jeff Sangalis, head of ORIX Mezzanine &
Private Equity. “Since our formation in 2012, 28 of our 36 platform
investments have been with independent sponsors. We rely on
sophisticated partners like Onward Capital, which has extensive
experience investing in and growing lower middle-market
manufacturing and value-added distribution businesses, to manage
the investments in which we provide equity.”
Laura Lester, partner at Onward Capital, said, “ORIX’s flexible
equity capital and junior debt solution allowed us to complete the
transaction smoothly. FSC’s reputation for innovative lighting
solutions and outstanding customer service is unparalleled, and we
look forward to working with the management team to enter new
market segments, develop new products and build upon the company’s
success.”
FSC makes and assembles customized, energy-efficient lighting
solutions for industrial, commercial and retail clients across the
country. FSC’s continued success stems from its mission: “go beyond
efficiency.” For clients, this means providing comprehensive
product support, fast and cost-efficient customization, advanced
controls and innovative, application-specific lighting solutions.
For employees and the community at large, going beyond efficiency
means building a supportive, stable and empowering work
environment. One example: the company’s “Made With Care” program,
which integrates developmentally disabled adults into the
workforce.
“We’re thrilled to join forces with Onward Capital and its
investors,” said John Watkins, president of FSC. “We’ve been
looking for partners who would support our growth, share our vision
for the company and enable us to continue to provide the stellar
customer experience our clients have come to expect. FSC is now
positioned to do this on an even greater scale.”
Tecum Capital led the mezzanine debt financing, and TCF Capital
Funding—a division of TCF National Bank—provided senior debt
financing in support of the acquisition.
About ORIX Mezzanine & Private Equity
ORIX Mezzanine & Private Equity, a business unit of ORIX
Corporation USA (ORIX USA), expands alternatives for lower-mid to
middle-market companies throughout North America by offering
standalone equity investments (control and non-control), flexible
mezzanine capital or a combination of the two strategies.
Investments are predominantly with independent sponsors and also
include investments with funded equity sponsors, family offices,
and directly with entrepreneurs and management teams. Typical
investments are initially in the $10 million to $20 million range
with the ability to further grow to support our clients’ success.
Providing innovative capital solutions to clients since 1981, ORIX
USA and its family of companies have $63 billion of assets under
management, administration and servicing (including more than $10
billion held by the company and its subsidiaries). Its parent
company, ORIX Corporation, is a publicly owned international
financial services company with operations in 38 countries and
regions worldwide. ORIX Corporation is listed on the Tokyo Stock
Exchange (8591) and New York Stock Exchange (IX). For more
information visit www.orix.com or www.orixmpe.com.
About Onward Capital LLC
Onward Capital is a Chicago-based private equity firm focused on
investing in and growing lower middle-market industrial businesses.
The Onward Partners have completed over 120 private equity
transactions and invested $1 billion of capital in the sector.
Onward targets manufacturing and value-added distribution
companies, typically with revenues between $15 million and $100
million. For more information on Onward Capital, please visit
www.onwardcapllc.com.
About FSC Lighting
FSC Lighting manufactures energy-efficient LED lighting for
commercial, industrial and retail customers. Founded in 1969 and
committed to going beyond efficiency every day, FSC’s cutting-edge
energy-efficient products can be quickly customized or shipped as
is for lighting retrofit projects and new construction. For more
information on FSC Lighting, please visit www.fsclighting.com.
About Tecum Capital
With over $500 million of assets under management, Tecum Capital
is a Pittsburgh-based investment firm investing private capital in
lower middle-market companies. Tecum provides mezzanine debt and
equity investments across a variety of industries. Our team
partners with independent sponsors, family offices, business owners
seeking succession plans and management teams to create shared
success. Since 2006, the team has invested in over 80 platform and
add-on acquisitions. Tecum is predominantly focused on stable
middle-market businesses with EBITDA in excess of $3 million. Tecum
seeks to invest $5 million to $18 million in potential portfolio
companies. For more information, please visit www.tecum.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20181003005792/en/
for ORIXDione Martin, 972-852-2725dmartin@marketwave.bizorJeff Smith,
214-237-2301jeff.smith@orix.com
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