LOUISVILLE, Ky. — Louisville-based Weller Equity Partners, a private equity firm that invests in lower middle-market companies throughout the Mid-South, has announced that it has recapitalized Mirac, Incorporated, an Ohio-based electronics assembly and fabrication company. Terms of the acquisition were not disclosed.
Founded in 1992 and based in Lynchburg, Ohio, Mirac primarily works as a contract manufacturer in electronics assembly and fabrication. Today Mirac specializes in the design, fabrication and assembly of printed circuit boards and wire harnesses for use in the energy/petroleum, consumer and commercial/industrial sectors. From design and engineering, through manufacturing and delivery, the company is committed to providing the highest level of customer service. Mirac currently is the largest employer in its region with 100 employees and operations in Lynchburg and a second facility in West Union, Ohio which it opened in 2018 to expand its services.
According to Dale Boden, co-managing partner of Weller Equity Partners, “As part of our investment criteria, we look for strong regional companies with identifiable competitive advantages in their industries, as well as experienced management teams that are vested in their company’s success. We are excited to work with the Mirac team led by Ralph Captain, who has been active in the electronics industry since the 1980s with experience in many different specialties. Weller’s investment provides growth capital needed to expand distribution and service offerings while maintaining Mirac’s industry leading quality and delivery standards. This investment is a great fit for our growing portfolio of manufacturing investments.”
“This investment from Weller Equity Partners validates Mirac’s competitive advantage and industry leadership,” said Ralph Captain, Mirac’s president and CEO. “I recognized that I am not getting any younger and wanted to find a growth partner capable of taking Mirac’s business to the next level. After meeting with the Weller team, it became clear to me that they can provide the necessary resources, both in terms of capital investment and strategic expertise, to support our growth initiatives.”
“Partnering with Ralph Captain and his team is yet another example of how Weller Equity Partners joins forces with talented entrepreneurs and their management teams to provide liquidity for shareholders without causing any disruption to their business,” added Ken Berryman, co-managing partner at Weller Equity Partners. “Ralph and his team will continue to provide excellent service to Mirac’s customers, now with the considerable resources and experience Weller brings to the table.”
Mr. Captain will maintain a significant ownership stake and continue with the business as an officer and member of the company’s Board of Directors.
Weller was advised on the transaction by Frost Brown Todd (legal) and BKD (financial).