CHARLOTTE, N.C. & NEW ORLEANS--(BUSINESS WIRE)--Summit Park is pleased to announce it has led a majority recapitalization of Michelli Weighing & Measurement (“Michelli” or the “Company”). Michelli is a leading test and measurement business providing calibration, maintenance, inspection, and installation services and products for industrial weighing equipment, precision measurement devices, and calibration equipment. The Company provides 24-hour mission-critical services and products to its highly diverse customer base. Michelli’s skilled field-technicians and lab-based metrologists provide reoccurring service to its customers enabling them to meet their goals of accuracy, quality and safety while complying with an ever-changing regulatory environment.
Headquartered in New Orleans, LA, Michelli was founded in 1947 and has grown to include operations in over 30 locations across 11 states throughout the Southeast, Texas, and the West Coast. Michelli services over 6,000 customers across various end-markets including transportation, recycling & waste, food & beverage, energy, aggregates, agriculture, and manufacturing. The Company is an ISO 9001 registered business, and it operates six ISO 17025 accredited laboratories.
Andrew Gilbert, Partner at Summit Park, said, “Our team has been focused on investing in the test and measurement sector for more than a decade, including our previous investment in laboratory products and services business, Control Company. We are thrilled to be partnering with Bobby, Joel and the entire Michelli team who have built one of the leading brands in the calibration services market. Michelli has had relentless focus on providing best-in-class essential services to their rapidly growing customer base and we believe there is a significant opportunity to expand the Company’s footprint in both the industrial weighing and precision measurement markets.”
Bobby Feigler, CEO of Michelli, added, “We decided as a team, that to achieve our strategic goals, we needed to bring in an operationally-focused and experienced partner. Summit Park distinguished themselves as a firm that would bring significant resources to the Company through their value creation and business development teams and based on their long-term focus on partnering with founders and management teams. Our leadership team views the relationship with Summit Park as an accelerant for our growth objectives. We look forward to working alongside their team to pursue the opportunities this partnership will make possible through enhancement of internal operations, expansion into complementary service offerings, and growth through greenfield and acquisition. We believe that all of our team members will benefit from this relationship.”
Joel McMullen, COO of Michelli, added, “Michelli has been in business for over 75 years, and we were very focused on finding the right partner for our next phase of growth. The Summit Park team has relevant experience in the test and measurement industry and with our size business, which were both key factors for us. We shall remain highly committed to our customers, and the industry-leading manufacturers we represent. Our mission is to show the world the importance of test and measurement and we believe that we are on the way to achieving that goal.”
Stellus Capital Management, LLC and its affiliates provided the debt financing for the transaction. McGuireWoods acted as legal counsel to Summit Park and Jones Walker LLP acted as legal counsel to Michelli.
About Michelli
Michelli Weighing & Measurement is a calibration services business based in New Orleans, LA. Michelli is a provider of calibration, maintenance & repair, inspection & repair, and installation services and product sales & rentals for heavy and medium-capacity scales, precision measurement devices, and calibration equipment. The Company has locations in 11 states throughout the country and services customers in a variety of end markets including transportation, recycling & waste, food & beverage, agriculture, and manufacturing. Michelli is an authorized distributor for the industry’s leading OEMs and is an ISO 9001 registered company, its laboratories are ISO 17025 accredited. For more information, visit: https://www.michelli.com/.
About Summit Park
Summit Park is a Charlotte, North Carolina-based private investment firm focused exclusively on the lower middle market. The firm invests across a range of industries, including services, consumer, and industrial growth. The Firm has made over 40 investments in the lower middle market totaling more than $2 billion in total enterprise value. The firm’s capital can be used to facilitate a change in ownership, to support expansion and growth, to provide partial liquidity to existing owners, or to support an industry consolidation plan. For more information, visit www.summitparkllc.com.
