AFX Acquired by Merit Capital Partners
Illinois-based lighting manufacturer AFX (originally known as American Fluorescent until it rebranded in 2012) changed ownership in the first quarter of 2024 — a transaction that largely escaped public notice.
Family owned for more than 85 years by the Solomon family, the company operates a to-the-trade showroom in the Dallas Market Center that targets the residential lighting channel and is a frequent exhibitor at architectural design trade events such as Lightfair, LEDucation, and ArchLIGHT Summit, among others. Among the market segments AFX serves are e-commerce; maintenance, repair and operations; healthcare; hospitality; and lighting showrooms throughout the U.S. and Canada.
Early in 2024, Merit Capital Partners together with Fulton Capital, partnered with AFX management to acquire AFX, Inc. Merit Capital announced the acquisition in March.
Chicago-based Merit Capital focuses on manufacturing and service businesses that span a variety of industries. Among the companies in its portfolio are the high-end decorative lighting and home furniture manufacturer John-Richard; MicroPrecision, which produces precision-machined parts for customers in the medical, climate control, non-auto engine, automation, and other industries; Glenn Rieder, a custom architectural millwork manufacturer and commercial interior contractor serving all major markets across the U.S.; and Urban Surfaces, a distributor of flooring products primarily comprised of stone polymer composite and luxury vinyl tile, as well as ancillary accessories and moldings.
Evan Gallinson, Managing Director at Merit, said, “We are excited for the opportunity to partner with AFX management and Fulton Capital. AFX has evolved impressively over the past few years by growing sales and efficiently enhancing its operations while maintaining a sterling reputation with its customers. We are grateful to invest in AFX alongside Fulton Capital, an experienced and trusted sponsor within the lighting industry, and AFX’s talented management team led by Tim Tevyaw.” Merit provided subordinated debt and equity in this investment.
The transition of ownership at AFX has been so smooth that there has been reportedly no disruption in how the lighting manufacturer operates and goes to market.
