- Tecum Capital Partners (“Tecum”) is pleased to announce its new investment in FSC Lighting (“FSC” or the "Company”). Tecum partnered with Orix Mezzanine and Private Equity (“Orix”) to provide subordinated debt and equity to support Onward Capital’s (“Onward”) acquisition of FSC. TCF Capital Funding provided senior debt financing in support of the recapitalization. Terms of the transaction were not disclosed.
Stephen Gurgovits, Jr., Managing Partner of Tecum, stated “We are excited to partner with Onward, Orix, and FSC’s Management Team as they continue to build on the Company’s success within the intelligent lighting space.” Matt Harnett, Partner of Tecum, added “FSC occupies a key value-add position in the LED lighting industry and we believe we have the right team in place to capitalize on the positive tailwinds that exist.”
Headquartered in Rancho Cucamonga, California (www.fsclighting.com), FSC Lighting is an energy-efficient lighting manufacturer for industrial, commercial, and retail clients across the country. The Company’s mission is to “go beyond efficiency” at every level of its business. For clients, this means providing comprehensive product support, fast and cost-efficient customization, cutting-edge technology like 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—like the company's Made With Care program, which integrates developmentally disabled adults into the workforce.
Laura Lester, Partner of Onward Capital, said, “FSC Lighting's reputation for innovative lighting solutions and outstanding customer service is unparalleled. We are excited to support the Company's growth strategy in partnership with John and his team”.
John Watkins, CEO of FSC Lighting, commented, “We're thrilled to join forces with Onward Capital. We've been looking for a partner who would support our growth and enable us to continue to provide the stellar customer experience our clients have come to expect. Working with Onward Capital allows us to do that on an even greater scale”. www.tecum.com
About Tecum Capital
With over $500 million of assets under management, Tecum Capital is a Pittsburgh, Pennsylvania 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
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 dollars 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 Orix Mezzanine and Private Equity
Orix Mezzanine and Private Equity expands alternatives for lower-mid to middle-market companies throughout North America by offering flexible mezzanine and equity capital solutions. Orix predominately partners with independent sponsors and focuses on companies generating EBITDA in excess of $5 million. Orix seeks to invest $10 million to $20 million in each investment. For more information, visit www.orix.com/capital-solution/mezzanine-and-private-equity
About TCF Capital Funding
TCF Capital Funding, a division of TCF National Bank headquartered in Chicago, IL, provides senior secured cash flow and asset-based loans to private equity and entrepreneur backed lower middle market companies throughout the United States. TCF Capital Funding focuses on companies that generate EBITDA between $2 million and $10 million
with products that support the acquisition, recapitalization and growth investment efforts of private equity firms operating in the lower middle market. For more information visit: www.tcfbank.com/commercial/lending/capital-funding.