CHARLOTTE, NORTH CAROLINA (June 2, 2021) – Charlotte-based private equity
firm Falfurrias Capital Partners today announced it has facilitated the add-on acquisition
of Upside Innovations by its portfolio company SixAxis LLC, which is headquartered in
Andrews, South Carolina. Terms were not disclosed.
Based in the Cincinnati suburb of West Chester, Ohio, Upside Innovations designs,
manufactures and installs modular, customized aluminum stairs, ramps and canopies. The
company’s product line is a perfect complement for SixAxis, the leading manufacturer of
safety and fall protection equipment, loading racks and other industrial solutions that was
purchased by Falfurrias in 2017.
“Upside Innovations does for accessibility what SixAxis does for workplace safety, so
the businesses are extremely compatible,” said SixAxis CEO Rob Honeycutt, who says
his firm of 300+ employees had been looking for its first acquisition for some time.
“Both companies share a similar DNA, an entrepreneurial spirit and a customer-centric
philosophy. We both rely upon advanced modular design and manufacturing capabilities
to produce sound, highly engineered solutions in a fraction of the time a true custom
fabrication would require, which is a significant competitive advantage in the market.”
Upside Innovations founder Kevin Sharp will remain as president, reporting to
Honeycutt, and the company’s 65-person headquarters and manufacturing facility will
remain in West Chester. No workforce reductions are anticipated as a result of the
merger; in fact, the principals anticipate considerable growth potential from the new
partnership.
“We are excited to be joining a company where we can benefit from their advanced
capabilities in product design, materials sourcing, sales and marketing, human resources
and other resources that will help us grow,” said Sharp, a mechanical engineer who was
inspired to start the company by the accessibility challenges facing his polio-surviving
grandfather. “This partnership promises tremendous growth opportunities for our
company and our people.”
The deal is consistent with Falfurrias’ “Industry First” investment approach of identifying
categories with significant growth potential, then making strategic acquisitions that yield
enhanced intellectual and operational efficiencies for greater financial performance.
“We see tremendous synergies between these two companies,” said Falfurrias Partner
Chip Johnson. “They employ many of the same design and manufacturing principles but
target different yet complementary customers. And Upside’s location in Ohio will be
advantageous in terms of access to materials, shipping and human capital. This
partnership makes us better positioned to capitalize on the multibillion-dollar market for
highly engineered safety and accessibility solutions.”
About SixAxis LLC
SixAxis was founded by Fred Harmon and Rob Honeycutt in 2002 to deliver high-quality
loading rack and fall protection solutions to companies around the world. The company
has developed a portfolio of 13 diverse brands including SafeRack, ErectaStep,
RollaStep, PerfectaStep, AeroStep and MarinaStep, all created to engineer and
manufacture advanced products that increase safety and boost productivity. Additionally,
SixAxis software solutions are engineered to simplify technology and propel industry
leaders worldwide. For more information about how SixAxis is changing the world of
manufacturing with a diverse array of innovative products and solutions that are made to
give your business a competitive edge, visit www.sixaxisllc.com.
About Upside Innovations
Upside Innovations was founded in 2009 by Kevin Sharp, a mechanical engineer who
who grew up watching his grandfather, a World War II and polio survivor, struggle to
gain access to everyday places. That experience was the inspiration used to find better
solutions for designing and building ADA-compliant ramp and step systems. Since the
beginning, Upside’s focus has been to fill a gap in the market by providing a high quality,
attractive ramp system, while providing world-class service to the industry. For more
information about the company, visit www.upsideinnovations.com.
About Falfurrias Capital Partners
Falfurrias Capital Partners is a Charlotte-based private equity investment firm founded in
2006 by Hugh McColl Jr., former chairman and CEO of Bank of America; Marc Oken,
former CFO of Bank of America; and Managing Partner Ed McMahan. The firm has
raised approximately $1 billion across four funds and invests in growing, middle-market
businesses in sectors where the firm’s operational resources, relationships and sector
expertise can be employed to complement portfolio company executive teams in support
of growth objectives. Falfurrias Capital Partners employs a proprietary, research-based
process called “Industry First” to identify markets with durable growth trends, construct a
thesis based on research findings, and partner with management teams to create strategic
value. For more information, visit www.falfurriascapital.com.