Early in 2024, Merit Capital Partners together with Fulton Capital, partnered with AFX management to acquire AFX, Inc. Merit Capital announced the acquisition in March. AFX, based in Waukegan, IL, designs, assembles, and distributes lighting fixtures that serve the contemporary and decorative lighting markets for lite commercial and residential installations. The Company focuses on a number of market segments including E-commerce, wholesale, maintenance, repair and operations, healthcare, lighting showrooms and hospitality. A multitude of products, including decorative and commodity products, are sold throughout the United States and Canada.
Evan Gallinson, Managing Director at Merit, said, “We are excited for the opportunity to partner with AFX management and Fulton Capital. AFX has evolved impressively over the past few years by growing sales and efficiently enhancing its operations while maintaining a sterling reputation with its customers. We are grateful to invest in AFX alongside Fulton Capital, an experienced and trusted sponsor within the lighting industry, and AFX’s talented management team led by Tim Tevyaw.”
Merit Capital, headquartered in Chicago, specializes in manufacturing and service-oriented businesses across a diverse range of industries. Its portfolio includes John-Richard, a luxury decorative lighting and home furniture manufacturer; MicroPrecision, a producer of precision-machined components for industries such as medical, climate control, non-automotive engines, and automation; Glenn Rieder, a custom architectural millwork manufacturer and commercial interior contractor serving major U.S. markets; and Urban Surfaces, a distributor of flooring products primarily featuring stone polymer composite, luxury vinyl tile, and related accessories and moldings.
Merit provided subordinated debt and equity in this investment. Please contact Evan Gallinson or Lisa Sullivan for more details.
