CapitalWorks Announces Merger of Libra Industries and GEMCITY Engineering and Manufacturing
December 16, 2019
CLEVELAND, OHIO –
CapitalWorks is excited to announce that its contract manufacturing portfolio companies Libra Industries (“Libra”) and GEMCITY Engineering & Manufacturing (“GEMCITY”) have merged and will operate as Libra Industries going forward. Rod Howell, the former owner and CEO of Libra , will serve as CEO of the combined business.
The merger leverages the leading capabilities of both businesses and creates a vertically integrated contract manufacturer providing electronic manufacturing services (EMS) to OEMs in the Aerospace & Defense, Medical, Semiconductor, Communications and Industrial Markets. With a full suite of contract manufacturing capabilities and services including complex assembly, precision machining, sheet metal fabrication, wire & cable harness, engineering, distribution and electronic box build capabilities, Libra Industries specializes in managing its customers’ entire complex bill of material for the duration of their program lifecycles.
“The team at Libra Industries is excited about enhancing the value we provide to customers by combining the world class contract manufacturing capabilities of both legacy businesses. We are committed to managing our OEM clients’ products from initial design and prototype through full production,” remarked Howell. “This merger allows us to improve the time to market, reduce total system costs and increase quality on an even greater scale for our OEM customers.”
“Libra is a vertically integrated contract manufacturing platform positioned to serve blue-chip OEMs who desire a sophisticated partner on low to mid volume programs. We believe the combination enhances value to the existing customers of both businesses and opens up exciting new opportunities for the combined Libra Industries platform,” stated Todd Martin, CapitalWorks Managing Director.
Libra Industries has facilities in Mentor, OH, Dayton, OH, Dallas, TX, and Willoughby, OH. Libra continues to evaluate acquisitions that would provide additional capabilities and new geographies. No changes are anticipated to the current manufacturing footprint of either legacy-business.
CapitalWorks, LLC, (capitalworks.net) is a Midwestern private equity firm that encourages its knowledgable investors to partner with it in finding, vetting and owning companies. Based in Cleveland, Ohio, CapitalWorks acquires lower middle-market companies in niche manufacturing, value added distribution, and business service industries and gives them the capital, support and freedom to grow. Recent acquisitions includes Libra Industries, ESSCO, Ohio Blow Pipe, C&M Conveyor, and GEMCITY. Founded in 1999, the firm’s investors are primarily successful entrepreneurs and executive who contribute to the evaluation of investment opportunities and ongoing governance of those investments.