The transaction comes from Boyne's BCM Fund II. Boyne, founded in 2006, says it invests in the "lower middle market sector, targeting companies with revenues of less than $100 million" and with EBITDA (earnings before interest, taxes, depreciation and amortization) of $3 million to $15 million.
Roman Krislav, managing director at Boyne Capital, said in a statement that the investment was driven in part by ProFusion's "commitment to new product development, customer-centric approach, and engrained culture of continuous improvement."
End-markets for ProFusion's products include hospitality, transportation, military, general matting and industrial. It describes itself as a "strategic just-in-time partner" for makers of products such as wallcoverings, matting, tenting and ducting.
Alex Williamson, CEO of ProFusion, said in a statement that the company was "seeking a growth-oriented investor supportive of continued investments in R&D, new products, and plant capacity and capabilities, and Boyne distinguished themselves given their track record of partnering with and growing similar businesses."
Crain's Cleveland Business profiled ProFusion in August 2020, in the relatively early days of the COVID-19 pandemic. The company said at the time that it had about 150 employees pre-pandemic.
In July 2020, an affiliate of Peak Rock Capital sold ProFusion to an investor group led by the Fairlawn company's management.