Falfurrias Capital Partners, the Charlotte-based private equity firm, has made an undisclosed investment in a South Carolina manufacturer of advanced worker safety and productivity products, in a move that is expected to boost the company’s growth.
The SixAxis management team will stay on board, with Rob Honeycutt serving as CEO and co-founder Fred Harmon serving on the board of directors, the firms plan to announce Thursday. Ken Walker, most recently chief operating officer of Charlotte-based EnPro Industries, will also join as executive chairman.
“We view SixAxis as an excellent platform for growth and look forward to working with Rob, Fred, Ken and the rest of the management team to accelerate growth organically and through strategic acquisitions,” said Marc Oken, managing partner for Falfurrias Capital Partners, in a statement.
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Falfurrias was co-founded in 2006 by former Bank of America CEO Hugh McColl Jr. and Oken, a former Bank of America chief financial officer. Since its founding, the firm has invested in a wide array of companies, ranging from fast food chain Bojangles’ to other financial services firms.
Founded in 2003 by Honeycutt and Harmon, SixAxis is headquartered in Andrews, S.C.,northeast of Charleston. The company, which makes metal stairs and other products, recently invested more than $20 million to expand its capacity. It has about 250 employees.
Ed McMahan, a partner with Falfurrias Capital Partners, said the firm has already been working to identify potential deals to expand the company.
“I’d say in the first six to 12 months we could do our first add-on acquisition,” he said.
The company is also poised to benefit from the trend of manufacturers relocating operations to the U.S. from overseas because SixAxis is selling industrial equipment to these companies, McMahan said.