LFM Capital, a private equity firm focused on lower middle market manufacturing and industrial services businesses, has sold Medix Specialty Vehicles (Medix) to Demers Braun Crestline (DBC), a subsidiary of Demers Braun Ambulance Manufacturer.
Financial terms of the transaction have not been disclosed.
Medix, based in Elkhart, Indiana, designs and manufactures ambulances that are utilised to provide essential services such as emergency response and patient transport. Medix offers Type I, Type II, and Type III ambulances that are crafted and designed to offer exceptional comfort, quality, and convenience at a reasonable price. Medix primarily sells ambulances through dealers that in turn sell to a diverse group of end users including private ambulance service providers and municipalities.
Dan Shockley, Managing Director at LFM, says: “We are pleased to complete the sale of Medix Specialty Vehicles. During our ownership, we worked closely with the team to drive operational improvements, introduce new products and features, strengthen distribution capabilities, and create a new brand – GenT. We are confident that Medix will continue to thrive as part of DBC.”
LFM acquired Medix in August 2017 and provided strategic guidance and resources to support growth and improve infrastructure during its ownership period. With LFM’s support, Medix achieved several key operational goals, strengthened its dealership network and added new dealerships in key markets like Texas and California to better serve those attractive regional markets, and expanded its product offering by adding a new brand, new models and new product features. The initiatives drove growth and strengthened Medix’s path to new customers and new markets.
Greg Rusk, CEO of Medix, says: “We are gratified by how far Medix has come over the last three years, especially given the challenges of the last year, and appreciate LFM’s support and guidance on our growth and improvement initiatives. We look forward to joining the DBC family to continue our growth.”
Lincoln International, LLC provided sell-side financial advisory services. Bass, Berry & Sims served as counsel to Medix.
