CHICAGO (September 10, 2018) – Onward Capital, a private equity firm based in Chicago, announced today that it has acquired FSC Lighting, headquartered in Rancho Cucamonga, California (www.fsclighting.com). Participating in the equity of the FSC Lighting investment with Onward Capital were ORIX Mezzanine & Private Equity and Tecum Capital. Terms of the transaction were not disclosed.
FSC Lighting 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” at every level. 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- like the company’s Made With Care program, which integrates developmentally disabled adults into the workforce.
Laura Lester, Partner of Onward Capital, said, “FSC’s reputation for innovative lighting solutions and outstanding customer service is unparalleled.” Marcus George, Onward Capital Partner, added, “We look forward to working with the management team to enter new market segments, develop new products and build upon the Company’s success.”
John Watkins, President 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.”
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 recapitalization. Katten Muchin Rosenman LLP served as legal counsel to Onward Capital and its investor group.
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 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 & 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 $30 million range with the ability to further grow to support our clients’ success. For more information on ORIX Mezzanine & Private Equity, visit www.orixmpe.com or www.orix.com.
About Tecum Capital
Tecum Capital is a Pittsburgh-based private investment firm with over $500 million of committed capital under management providing mezzanine debt, subordinated notes and private equity for middle market businesses. Since 2006, Tecum has invested in over 80 platform and add-on acquisutions across the country. Tecum generally invests amounts ranging from $5 million to $18 million to support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions, and buyouts. For more information, please visit www.tecum.com.