CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, announced today the acquisition of Kelvix LLC (“Kelvix”, or the “Company”), a leading designer and supplier of commercial value engineered linear lighting systems. Kelvix is CORE’s first investment from CORE Industrial Partners Fund II, a $465 million fund closed in February of 2021.
Headquartered in Lake Oswego, Oregon, Kelvix works closely with customers to develop lighting solutions specific to project performance requirements across a broad product offering, including light sources, mounting, drivers, luminaires, controls and accessories. The Company’s nationwide independent manufacturer representative network of nearly 80 agencies serves a variety of end markets, including medical, education, hospitality, commercial and multi-family housing.
Brent Newman, CEO of Kelvix, said, “Along with my partners Seth Darling and Ken McConnell, we created ‘The Kelvix Way’ to foster a solutions-oriented culture. We aim to redefine what service means for every customer, and we hope this continues to improve the standard for service within the lighting industry. The Kelvix team, combined with CORE’s extensive lighting expertise and capital, is a winning combination that will accelerate our customer experience.”
John May, Managing Partner of CORE, said, “Kelvix has developed a compelling value proposition through leading customer service and differentiated technical capabilities that allow the Company to deliver targeted and functional lighting solutions at a fraction of the cost and time. We’re looking forward to partnering with Brent, Seth, Ken and the entire Kelvix team to build upon the successful culture they have created.”
Frank Papa, Senior Partner of CORE, said, “CORE has significant experience and expertise in the LED lighting space. We believe The Kelvix Way is a unique and powerful driver of the Company’s impressive growth trajectory within the lighting sector and are excited to support the Kelvix management team in its next phase of growth.”
Mr. Papa will become Chairman of the Kelvix Board of Directors.
Norton Rose Fulbright LLP provided legal representation to CORE in the transaction.
Kelvix is a leading designer and supplier of value engineered commercial linear lighting systems serving a variety of end markets, including medical, education, hospitality, commercial and multi-family housing. Kelvix supplies its products through a broad network of nearly 80 independent manufacturer representatives across North America. Founded in 2014, Kelvix operates two facilities in the Pacific Northwest. For more information, visit www.kelvix.com.
ABOUT CORE INDUSTRIAL PARTNERS:
CORE Industrial Partners is a Chicago-based private equity firm with over $700 million of commitments that invests in North American lower middle-market manufacturing and industrial technology businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a proven track record of building market-leading businesses. Through our capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies with lasting results. For more information, visit www.coreipfund.com.