#PrivateEquity Fairfield’s AFC gets +privateequity funding @swatkinscincy

@swatkinscincy Cincinnati

Reporter covering banking, investments, finance and sports business for Cincinnati Business Courier.
http://www.cincinnatibusinesscourier.com/

The co-founders of Fairfield-based AFC Industries Inc. have brought in Cleveland private equity firm Rockwood Equity Partners 
 

Rockwood Equity Partners
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as a part-owner to recapitalize their firm.
AFC plans to use the new capital to finance growth, AFC co-founder Terry Tomlinson said in a news release. It will target “acquisitions, product line expansion, new customer acquisition and other opportunities to expand the business across both geographic and end markets,” he said.
The companies didn’t release the dollar amount of the recapitalization.

AFC, founded in 1987, makes fasteners and other components used in the manufacture of auto parts and other products. It employs about 45 at its Fairfield plant, a company spokeswoman said. AFC co-founder Steve Sullivan will remain as president and chief operating officer. Tomlinson will be a senior adviser and board member.

“During the past 25 years, Terry and Steve have built AFC into a strong business with a notable regional presence,” Owen Colligan, a Rockwood managing director, said in the news release. “The company now is positioned for significant expansion in geographic reach, customer base and product and service offerings, and we look forward to partnering with AFC’s management team to develop and execute against an aggressive growth strategy.”
Rockwood typically invests in companies with revenues of between $10 million and $70 million, it said in the release. It aims to partner with management teams and help them build their businesses.

“We take a long-term view toward all of our investments and seek to create value by supporting our management teams as they execute their strategies to grow and improve the performance of their companies,” the company said on its website.

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