CLEVELAND, OHIO – May 21, 2019 – Cleveland private equity firm, CapitalWorks, LLC announced today that it recently completed a majority investment in Libra Industries Inc. (“Libra”) in partnership with CEO, Rod Howell, the Howell family, the Libra management team and GEMCITY Engineering and Manufacturing (“GEM”). Capital Works, LLC already owns GEM a contract manufacturer providing comprehensive manufacturing services for the aerospace & defense, medical, packaging and industrial markets.
In 1980 the Howell Family founded Libra Industries and has successfully led the business since its inception. Based in Mentor, Ohio Libra Industries, Inc. is a full-service solutions provider of engineered printed circuit board assemblies, electromechanical assemblies, and electronic control solutions.
Founder and CEO, Rod Howell, commented, “We felt CapitalWorks and GEMCITY will be the ideal partners to drive the continued growth of Libra. CapitalWorks has deep experience in contract manufacturing and a strong network of industry experts that support its investments.”
Todd Martin, Managing Director with CapitalWorks stated “We are excited to partner with a local, family-owned business and management team that share our passion for excellence within contract manufacturing.”
As a leading EMS contract manufacturer serving the medical, aerospace and defense and industrial markets, Libra will complement fellow contract manufacturer GEMCITY Engineering and Manufacturing, which CapitalWorks invested in alongside its management team in 2017.
Senior financing was provided by CIBC. Ironwood Capital provided subordinated debt and equity. CapitalWorks, LLC was advised by Benesch, Friedlander, Coplan & Aronoff on the transaction.
About Libra Industries
Libra Industries (www.libraindustries.com) is a leading provider of integrated Electronic Manufacturing Services (EMS), serving OEMs with complex or technologically sophisticated manufacturing requirements in a broad range of industries including industrial automation, medical, military and aerospace, instrumentation and LED lighting. Four world-class manufacturing facilities allow Libra Industries to provide customers with manufacturing flexibility including complete system build, module and subassembly production, as well as simple to complex PC board assembly. With an ongoing commitment to investment in people, quality systems, and the latest manufacturing equipment and processes, Libra Industries is committed to managing their clients’ products from initial design and prototype to full production; assisting their clients in their efforts to improve time to market, reduce total systems cost, and increase quality.
Located in Dayton, Ohio, GEMCITY Engineering and Manufacturing (GEMCITY.com) is a contract manufacturer providing comprehensive manufacturing services for the aerospace & defense, medical, packaging and industrial markets. GEMCITY’s world class level of quality, commitment to service and advanced manufacturing capabilities provide the company with the ability to fully manage customers’ complex bill of materials.
CapitalWorks, LLC (capitalworks.net) is a Midwestern private equity firm that encourages its knowledgeable 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 services industries and gives them the capital, support and freedom to grow. Recent acquisitions include Ohio Blow Pipe, C&M Conveyor, and GEMCITY. Founded in 1999, the firm’s investors are primarily successful entrepreneurs and executives who contribute to the evaluation and investment process.