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Lincolnshire Management Closes Sale of Schumacher Electric Corporation
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Lincolnshire Management announces the sale of Schumacher Electric Corporation to private investment firm Ripple Industries LLC. While financial terms were undisclosed, this marks a significant transition for Schumacher, a leader in power supply products in the U.S. Under Lincolnshire's ownership since October 2020, Schumacher expanded into EV chargers and enhanced its e-commerce initiatives. Lincolnshire cites successful product extensions and a driven management team led by CEO Mickey Leech as key growth factors. Lincolnshire previously invested in notable firms like Holley Inc. (NYSE: HLLY) and Wabash National Corporation (NYSE: WNC).
Positive
Expansion into battery-related products, including EV chargers.
Successful e-commerce initiatives leading to increased distribution.
Strong management team driving sales and earnings growth.
Negative
None.
Initiated R&D Focus on EV, and Drove E-Commerce and International Growth During Ownership
NEW YORK--(BUSINESS WIRE)--
Lincolnshire Management, Inc. (“Lincolnshire”), a private equity firm focused on investing in and acquiring growing middle market companies, today announced that it has sold Schumacher Electric Corporation (“Schumacher” or “the Company”) to private investment firm Ripple Industries LLC. Financial terms of the private transaction were not disclosed.
Headquartered in Dallas, Texas, Schumacher is the leading designer, manufacturer, and supplier of power supply products in the U.S. The Company’s offerings focus on battery life enhancement, with a full line of battery charging equipment, including a line of EV chargers, jump starters and other power accessories with applications in automotive, power sports, farm and ranch, lawn care, marine and other markets. It sells products under the Schumacher name and several white-label brands through more than 60,000 brick-and-mortar distribution points, including the leading big box, home improvement, specialty aftermarket and hardware outlets, and in the rapidly growing online e-commerce platforms.
“When we invested in Schumacher in October 2020, we teamed with management to reposition the company for strong growth by executing a multipronged strategy,” said Tom Callahan, Managing Director at Lincolnshire Management. “This was a great team effort that drove results with product extensions into aftermarket EV chargers while also creating new channel partners and OEM relationships to increase distribution.”
“Our investment in Schumacher is a perfect example of our proven origination strategy to identify and acquire founder- and family-owned companies and position them for high growth and outsized financial success,” added Phil Kim, Managing Director at Lincolnshire Management. “Mickey Leech joined as President within months of our acquisition, and shortly thereafter took over as CEO. His leadership has been key to executing a high growth ecommerce initiative.”
“The management team at Schumacher was a pleasure to work with and never rested, driving the business relentlessly towards higher sales and earnings,” said TJ Maloney, CEO of Lincolnshire Management. “Schumacher placed a high priority on e-commerce initiatives as well as introducing a new consumer products line in Europe.”
Lincolnshire Management’s successful exit of Schumacher follows its previous investment successes in the automotive aftermarket and transportation sectors, including Holley Performance Products Inc., now Holley Inc. (NYSE: HLLY), the largest platform for automotive enthusiasts; AMPORTS, Inc., a leading North American port terminal operator for automotive cargoes; and Wabash National Corporation (NYSE: WNC) a leading manufacturer of transportation equipment and famous for its dry freight and refrigerated trailers.
“The Schumacher brand is synonymous with power conversion and enhancing battery life, and we share management’s vision of the big opportunities ahead of it as global transportation needs evolve and put greater demands on battery maintenance and charging solutions,” said William Bishop of Ripple Industries. “We will move aggressively with Mickey and the Schumacher team to capitalize on the exciting growth opportunities across both its existing core products and emerging technology for the electric vehicle market.”
Piper Sandler served as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to Lincolnshire Management and Schumacher. Latham & Watkins LLP served as legal advisor to Ripple Industries.
About Lincolnshire Management, Inc. Lincolnshire Management Inc., founded in 1986, is a private equity firm focused on investing in and acquiring growing middle market companies across an array of industries. Headquartered in New York, Lincolnshire Management invests in acquisitions of private companies, recapitalizations, corporate divestitures, management buyouts and growth equity for public and private companies. Lincolnshire Management manages over $1.7 billion of private equity capital. For more information: www.lincolnshiremgmt.com
About Schumacher Electric Corporation Since 1947, Schumacher Electric Corporation has been leading change and driving performance to exceed its customers’ expectations. Engineered patent-pending technologies and award-winning marketing makes Schumacher the brand of choice. Schumacher’s legacy is its commitment to quality and exceptional customer service. Schumacher brings experience, innovation and excellence to the next generation of battery maintenance… the #1 name in battery chargers around the world. For more information, visit https://www.schumacherelectric.com
