(April 1, 2015) – Rockwood Equity Partners (“Rockwood”), a private investment firm based in Cleveland and New York, announced today that is has completed the sale of AFC Holdings (“AFC” or the “Company”) to Incline Equity Partners, a Pittsburgh, Pa.-based private equity firm.
Headquartered in Fairfield, Ohio and Pittsburgh, Pa., AFC is a united group of companies providing supply chain management expertise in support of original equipment manufacturing (“OEM”) and assembly plants. The Company offers a variety of inventory management services with a specialization in “point-of-use-delivery” vendor managed inventory systems for production “C-Items,” including fastening components, used in OEM assembly processes.
In partnership with its founders, Rockwood recapitalized AFC in early 2012 and worked in conjunction with the Company’s management team to execute on a growth strategy focused on broadening AFC’s product and service offering while expanding geographically to better serve the Company’s growing customer base. In early 2014, AFC combined its business with Pittsburgh, Pa.-based Dell Fastener Corporation, expanding the Company’s geographic footprint into the Pennsylvania and Georgia markets.
“The sale of AFC marks the fourth portfolio company exit for Rockwood in the past 12 months and is yet another successful example of Rockwood’s ‘value-to-growth’ approach to investing in lower middle market companies,” said Rockwood partner Vince Nardy. “We enjoyed working alongside a strong management team and committed group of lending partners, including The PrivateBank and Northcreek Mezzanine, to build an outstanding business together and are excited to watch the Company begin its next chapter of growth.”