Falfurrias Capital Partners, a Charlotte-based private equity firm, said on Thursday it completed an undisclosed investment in an Ohio-based software and automation systems company called E-Technologies Group.
Falfurrias was co-founded in 2006 by former Bank of America CEO Hugh McColl Jr. and Marc Oken, a former Bank of America chief financial officer. Since its founding, the firm has invested in an array of companies, ranging from fast food chain Bojangles’ to other financial services firms.
The E-Tech deal is Falfurrias’ first in the automation market, where the firm said it sees growth opportunities as manufacturers look to improve quality, reliability and workplace safety. E-Tech’s co-founders, Steve Veldhuis and Doug Fagaly, will continue to lead the company after the investment.
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“Steve and Doug have built an incredible success story at E-Tech with a robust company culture that stresses individual ownership and team performance, and the impressive breadth and balance of its service offerings position E-Tech well for future growth,” Oken said in a statement.
Ken Walker, the former chief operating officer of EnPro Industries, will join the board of E-Tech along with Oken and Charles Johnson Jr., a principal at Falfurrias. Walker recently became executive chairman at SixAxis, another company in Falfurrias’ investment portfolio.