Evolution Capital Partners LLC announced the first exit from its second fund via the acquisition of Lewellyn Technology LLC by Align Capital Partners, a growth-oriented private equity firm based in Cleveland, Ohio and Dallas, Texas. Lewellyn Technology LLC is a national leader in workplace safety.
For Lewellyn the acquisition is considered timely as it is entering the next phase of development. Investment funds will be used to fuel continued growth, as well as redeem the interests held by the current owners that will result in Evolution’s successful exit.
According to Evolution’s press release, the investment Evolution made in Lewellyn reflects the significant progress that can occur when a timely investment is made with the right investment partner. Evolution first invested in the company in August 2012 at a stage when Lewellyn was successful, but still a regional and entrepreneurially run business. Lewellyn is now a national industry leader in workplace safety with much of its success due to the management team embracing Evolution’s Five Pillars of Business Freedom that leverages the time and energy of the business owner. Lewellyn then achieved profitable growth with the company being recognized as one of America’s fastest growing companies on the Inc. 5000 List.
“We would like to thank company CEO Mike Vea, and the entire Lewellyn team, for their partnership and dedication in transforming Lewellyn into a national leader,” said Jeffrey Kadlic, co-founder and managing partner of Evolution. Evolution is a small business private equity fund that invests nationally in Second Stage Companies generating at least $500,000 of EBITDA.
Mike Vea, Lewellyn’s CEO, reciprocated the expression of good will between the two companies, stating: “I am very proud of the company and our management team. They’ve worked hard to build a great organization and client relationships, and we are well positioned to continue our growth. I would like to express a thank you to Evolution for their support, guidance and contributions.”
