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LFM Capital Adds New Portfolio Company: Novex, Inc.

NASHVILLE, TN – June 28, 2022 – LFM Capital, a private equity firm focused on lower middle market manufacturing and industrial services businesses, announced today that it has partnered with Novex, Inc. (“Novex”). Chuck Lynn, Novex Founder and CEO, and his family will continue to be substantial investors in the business alongside LFM. Novex will be the second portfolio company in LFM’s third fund. Financial terms of the transaction were not disclosed.

Founded in 1987, Novex is a seasoned manufacturer and distributor of polyurethane belting and sheet product used in high-abrasion applications across a wide variety of industries, including agriculture, food processing, lumber, packaging and recycling. The company is headquartered in Wadsworth, Ohio.

LFM Managing Director Dan Shockley commented, “We are pleased to welcome Novex to LFM’s growing portfolio. Over the past 35 years, Novex has developed strong brand recognition as a differentiated belt manufacturer that offers a specialized product in what we consider to be a fragmented market. We look forward to partnering with the Novex team to build on this momentum.”

Novex President and CEO, Chuck Lynn, stated, “I started this business in the late 1980s producing just urethane sheeting and a limited urethane conveyor belting line. I am proud of Novex’s growth to over 25 belting specs with multiple sheeting options, and I feel very fortunate to now leverage LFM’s operational and manufacturing expertise to increase capacity and further expand our business.”

Conner Harris, LFM Managing Director, added, “Given its market reputation for quality and long-term customer relationships, Novex is well-positioned to grow both organically and through strategic acquisitions. We are excited to work together to execute these key initiatives.”

Operating Partner Richard Butler and Associate Dalton Gullett worked with Shockley and Harris on the investment from LFM. Jessica Ginsberg, LFM Managing Director, Business Development, helped source the opportunity.

About LFM Capital

LFM Capital is a private equity firm based in Nashville, Tennessee. The LFM team is led by experienced and successful Fortune 50 global executive managers and private equity professionals who bring decades of management leadership, operating best practices, exceptional professional recruiting networks, and a successful track record in lower middle market investing. LFM targets lead or control investments in U.S.-based lower middle market manufacturing and industrial services companies with at least $3 million of EBITDA and enterprise values ranging from $15 million to $125 million. The firm’s mission is to partner with portfolio company management to develop and build world-class operations through a combination of manufacturing and operations excellence and targeted growth and expansion strategies. For additional information, please visit

About Novex

Based in Wadsworth, Ohio and founded 35 years ago, Novex is a manufacturer and distributor of polyurethane belting and sheet product sold into distributors and OEMs serving the conveyor, industrial, electronics and other industries throughout North America. The Company’s end customers include operators across agriculture, construction products, food production, metals, mining, and more.

For additional information, please visit

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