March 7th, 2024
Merit Capital Partners and Fulton Capital Acquire AFX, Inc.

Merit Capital Partners together with Fulton Capital, recently partnered with management to acquire AFX, Inc. (“AFX” or the “Company”).

AFX, based in Waukegan, IL, designs, assembles, and distributes lighting fixtures that serve the contemporary and decorative lighting markets for lite commercial and residential installations. The Company focuses on a number of market segments including E-commerce, wholesale, maintenance, repair and operations, healthcare, lighting showrooms and hospitality. A multitude of products, including decorative and commodity products, are sold throughout the United States and Canada.

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. Please contact Evan Gallinson or Lisa Sullivan for more details.