Cleveland private equity firm CapitalWorks LLC has acquired C&M Conveyor in a deal completed by the PE firm’s CapitalWorks Fund IV L.P. Terms of the deal were not disclosed.
Based in Bloomington, Ind., C&M Conveyor designs, engineers, manufactures and services turnkey automated material handling and conveying systems, serving industrial and commercial customers, particularly in the corrugated box industry.
CapitalWorks will be partnering with current C&M President Randy Grube and CEO Don Laipple, who will be transitioning to an advisory board role, to execute its growth strategy.
Also, J.D. Sullivan Jr., former CEO of Mayfran International, and Tim Burns, a packaging expert with 30 years of industry experience, will join Laipple on C&M’s advisory board to help refine the vision and strategy and drive performance. Oxer Capital provided subordinated debt. KeyBank provided senior financing.
