While the private equity industry as a whole may not have fully realized a record year in 2024, Blackford Capital enjoyed an active year with continued expansion on many fronts.
On the buy side, we made a total of five acquisitions, despite a competitive deal environment. These investments included Security Fire Systems, which marked the launch of our new Fire Safety Consolidation Platform and our entry into the fire safety and security space. We see tremendous opportunity to grow this platform in a highly fragmented market with strong demand for services. We also made four add-on acquisitions to expand our existing platforms in the industrial automation, injection molding, and outdoor living sectors.
And while we continued to grow our portfolio, we were pleased to return capital to our investors through the sale of Mopec Group. This exit was made possible by the transformative growth we achieved at the company throughout our ownership.
Please read on for more on our 2024 highlights.
Talent
We were proud to add two new experienced CEOs to our portfolio companies last year.
John Snowden was appointed CEO of our rapidly growing Patio Consolidation Platform. With over three decades of leadership experience and an extensive background in driving operational excellence, strategic acquisitions, and digital transformation, Mr. Snowden will spearhead our vision to “Own the Backyard” by building a comprehensive, omni-channel platform that capitalizes on the booming outdoor living market. His previous roles include serving as COO at Recom and CEO of Trademark Global LLC.
We also named Scott Osterling as CEO of our portfolio company Davalor Mold Company. Mr. Osterling boasts over 20 years of leadership experience, most recently at Platinum Equity, where he successfully led strategic initiatives across multiple portfolio companies, delivering substantial EBITDA gains and building high-performance teams. A Harvard MBA graduate and West Point alumnus, Mr. Osterling is also a U.S. Army veteran who achieved the rank of Major and served as a Special Forces Detachment Commander.
Internally, we welcomed Lauren Trawick as Administrative Assistant, who also assists the team with our marketing and communications efforts. Mrs. Trawick joined Blackford from Calder Capital in Grand Rapids, where she was a Marketing and Content Coordinator.
Over the course of this past year, we also welcomed 17 interns to both our Equity and Deal teams. These bright individuals brought fresh energy and enthusiasm to our organization, making a real impact as they helped support our mission of creating exceptional value within our portfolio companies. Their contributions have been invaluable, and we’re excited to witness their growth as they pursue their respective careers.
Acquisitions
We’re proud to have completed five acquisitions in 2024, including one new platform investment and four add-on investments to expand our existing platforms. The add-ons included two acquisitions for PACIV, and an acquisition each for Davalor Mold Company and our Patio Consolidation Platform.
We started the year strong with the acquisition of Data Science Automation (DSA), the first add-on to our PACIV Platform. An automation engineering services and training firm with operations in Pittsburgh, Pennsylvania and Cleveland, Ohio, DSA collaborates with its clients to digitally transform and automate laboratory, product, manufacturing, and test systems and applications. The addition of DSA increases the footprint of PACIV’s North American operations, expands its engineering and technology capabilities, and provides new customer opportunities globally.
Our team soon followed with a second add-on for PACIV with the acquisition of Eight12 Automation, an automation and controls engineering leader serving clients across a variety of end markets including life sciences, medical device, food & beverage, steel processing, automotive assembly, consumer products, and water filtration. Based in Southern California, Eight12 brings strategic geographic expansion and a greater depth of capabilities in high-value life sciences, pharmaceutical and medical device markets.
We also completed our first add-on for portfolio company Davalor Mold Company with the acquisition of Industrial Molding Corporation (IMC). A leading manufacturer of injection molded plastic products, IMC was an independently run subsidiary of global precision metal manufacturer NN, Inc. Based in Lubbock, Texas, IMC boasts an international blue chip customer base and an experienced leadership team, which we believe will help Davalor Mold Company establish a global, full-service plastics injection molding business with a wide range of capabilities attractive to a diversified, global customer base.
We also acquired Empire Distributing, marking the fourth and largest add-on to our Patio Consolidation Platform. An outdoor living and hearth distributor based in Arcade, New York, Empire Distributing expands the platform’s scale and product offerings, leading us closer to our goal of creating an omnichannel, one-stop-shop for the backyard. Empire Distributing’s hearth products include fireplaces, stoves, gas logs, and inserts, while its outdoor living items include fire pits, fire tables, BBQ grills, kitchen islands, outdoor heaters and fireplaces, all of which are sold through more than 780 dealers across the Northeast and Midwest.
We ended the year on a high note by launching our new Fire Safety Consolidation Platform with the acquisition of Security Fire Systems (SFS). Based in the Dallas-Fort Worth area, SFS is certified to provide comprehensive sprinkler design, engineering, and installation services in Texas, Arkansas, Colorado, and Oklahoma. Its diversified customer base consists of hospitality, healthcare, education, retail, aviation, government, residential and religious properties. We will pursue add-on acquisitions for SFS as we look to consolidate a fragmented industry and leverage natural synergies in areas such as servicing and maintenance for installation work.
Exit
In late 2024, we completed the successful sale of Mopec Group to Waud Capital Partners. Headquartered in Madison Heights, Michigan, Mopec is a vertically integrated, branded supplier and manufacturer of high-quality anatomic and forensic pathology equipment, technology, consumables, and services.
Over the course of our ownership, we focused on strategic investments in people, processes, and the implementation of a mature ERP system, which significantly improved Mopec’s operational efficiency, financial transparency, and reporting capabilities. Additionally, we implemented operational improvements across all Mopec facilities, driving sustained growth and performance. This exit marks a great outcome for both the Blackford and Mopec teams.
Market Leadership + Recognition
Our award tally grew in 2024. We were honored with nine awards in six different awards competitions, with recognition for our investments, our people, and the firm as a whole. While we appreciate outside recognition for our accomplishments, we take even greater pride in achieving these results by always pursuing what is in the best interests of our people, companies and investors.
M&A Advisor – Two International M&A Awards
- Deal of the Year ($10MM – $25MM) – Blackford Capital’s acquisition of Puerto Rico-based industrial automation leader, PACIV
- Private Equity Professional of the Year – Managing Director Jeffrey Johnson
Inc. 5000 List
- Both Blackford Capital and our portfolio company Artificial Turf Supply were separately recognized as one of America’s Fastest Growing Companies
Inc. Founder Friendly Investor List
- We were named to this prestigious list for the second consecutive year
‘Grand Rapids 200’ List:
- Our Founder and Managing Director Martin Stein was named to West Michigan leaders list for the fourth consecutive year
The M&A Advisor –15th Annual Emerging Leaders Award
- Senior Analyst John Gutmann
2024 Americas M&A Atlas Awards – Winner in Two Categories
- USA M&A DEAL of the YEAR (sm): Blackford Capital acquires Industrial Molding Corporation from NN, Inc and merges with its portfolio company, Davalor Mold Company.
- Americas Rising Star Dealmakers Award: Rishabh Mukherjee, Vice President of Deals
- Plus a finalist in the USA Private Equity Firm of the Year category
Thought Leadership & Champions
Our team was featured throughout the year in private equity, industry and local media, sharing our views on the industries in which we invest. Here’s a small sampling of our senior leadership quoted in the press in 2024:
PE Hub, Martin Stein:
“As we emerged from the covid pandemic, we realized we were at a crossroads, facing a new chapter in American manufacturing.” He continued, “There are a number of factors that drive demand [for plastic injection molded products], not the least of which is the need for high-performance, reduced-weight components for automotive, electronics and home appliances, medical devices, and even food, beverage and packaging industries.”
Security System News, Martin Stein:
“The fire safety industry is currently fragmented across geographies and product/markets. We look forward to pursuing further add-on acquisitions to consolidate the industry’s high-growth, high-margin segments and leverage natural synergies, such as servicing and maintenance for installation work.”
Crain’s Grand Rapids Business, Jeff Johnson:
“There’s enormous interest in kind of old economy, industrial, manufacturing businesses. That’s where people want to take a look at deals. There’s a lot of investor interest.”
2025 Outlook
While no one has a crystal ball on what lies ahead, we’re optimistic that with the right strategy and a strong organization our momentum across multiple fronts will continue throughout 2025. Some of the areas we’ll be focused on this year include:
- Expanding the organization, including adding new expertise in existing and future target markets
- Maintaining a steady investment pipeline for our deal team, which is currently evaluating several exciting opportunities and anticipating a very busy year
- Growing the equity team, with plans for exciting opportunities for current and new investors
- Increasing strategic guidance capabilities for our platform companies, with the on boarding of additional resources
We thank you for your continued support, and look forward to another year of new milestones in 2025.