LFM Capital Acquires Vintage Air; Northstar Capital Provides Debt and Co‑Investment

LFM Capital Acquires Vintage Air from Mangrove Equity Partners

December 22, 2025

Automotive

LFM Capital has acquired Vintage Air, a San Antonio-based designer and manufacturer of aftermarket air‑conditioning systems for classic and late‑model cars and trucks, from Mangrove Equity Partners. Mangrove credited operational improvements, D2C expansion and an earlier add‑on (AC Solutions) for strengthening Vintage Air prior to the sale; LFM Capital will add Vintage Air as a platform investment to expand its niche manufacturing portfolio.

Mangrove Equity Partners Invests in Vintage Air, LLC

May 2, 2022

Automotive

Mangrove Equity Partners has made a platform investment in Vintage Air, LLC, a San Antonio–based specialty manufacturer of performance aftermarket air conditioning systems for classic and late-model cars and trucks. The deal brings Mangrove's operational team together with Vintage Air's senior management to expand product R&D, optimize manufacturing efficiency and support a leadership transition for founder Jack Chisenhall.

LFM Capital Acquires IronCraft, LLC; Northstar Provides Junior Capital

August 25, 2022

Manufacturing

LFM Capital completed a control investment in IronCraft, LLC (formerly Titan Implement) in November 2021, acquiring the East Tennessee manufacturer of agricultural implements and skid-steer attachments. Northstar Capital provided junior debt and an equity co-investment to help finance the transaction; founders Mike Turner and Baily Turner are stepping away from day-to-day roles.

Northstar Capital Invests in Vectair Systems

December 16, 2020

Manufacturing

Northstar Capital has made a junior capital investment in Vectair Systems, a portfolio company of Arcspring and Oxbow Industries. Northstar partnered with Convergent Capital to provide a one-stop debt facility and an equity co-investment to help the sponsors finance the transaction. Vectair, founded in 1990, supplies air care, sanitization and hygiene dispensers and refill solutions to janitorial and commercial customers across the UK, the US and globally.

LFM Capital Acquires Heartland Steel Products

April 2, 2024

Manufacturing

LFM Capital has acquired Heartland Steel Products, a U.S.-based manufacturer of structural steel platforms, pallet racking systems and material-handling products sold under the SpaceRAK and Heartland Engineered Products brands. LFM said it will invest in Heartland’s manufacturing capabilities, optimize facility workflows and add engineering and leadership talent to support growing demand from distribution, warehousing and e-commerce fulfillment.

LFM Capital Invests in Accelevation LLC

August 30, 2022

Manufacturing

LFM Capital, a Nashville-based private equity firm focused on lower middle market manufacturing and industrial services, has invested in Accelevation LLC, a vertically integrated manufacturing group serving data center, electric vehicle, and robotics markets. Financial terms were not disclosed; the investment will be the third portfolio company in LFM's third fund and is intended to support Accelevation's growth in the high-growth data center market.