July 5, 2022
BATESVILLE, MS–Advantage Capital, a venture capital, impact investor and private equity firm, announced today a $2.5 million investment in Lockers Manufacturing to provide the company the financing required to complete facility upgrades, allowing it to onshore production and bring 60 new jobs to the area.
“Our growth since founding the company in 2014 has been tremendous. This investment is helping to serve our immediate expansion needs as well as position our business well to grow our workforce and bring employment opportunities to Batesville,” said Keith Dunham, CEO of Lockers Manufacturing.
The company worked with the Mississippi Development Authority as well as the Panola Partnership to select and purchase a 62,000 square foot facility in Batesville to expand its production. Advantage Capital’s financing—made in connection with the Mississippi Small Business Investment Company Act (MSBIC) program—helped provide capital to complete the facility plus position the company to quickly onboard and support new production employees at the Batesville location.
“Lockers Manufacturing is a great example of what we aimed to achieve with the MSBIC program – facilitating private investment capital into businesses in distressed communities. In particular, we want to drive capital to those companies that can create and maintain quality jobs that will enhance the quality of life for Mississippians, especially our constituents of District 11,” said Mississippi State Representative Lataisha Jackson.
The MSBIC program, passed in 2013, is designed to attract capital investments to qualified small businesses in the state. The program has brought much-needed investment to Mississippi businesses such as Lockers Manufacturing to promote growth and stimulate local economies.
Since 2013, Lockers Manufacturing has been a leading producer of cold rolled steel lockers and locker components for public and private schools, hospitals, warehouses and military installations. The company also manufactures computer cabinets, storage cabinets and commercial shelving.
“We have worked with many companies throughout Mississippi that are ready for growth but can’t find flexible financing,” said Philip Ruppel, Senior Vice President, Advantage Capital. “We are thrilled to continue our work in Mississippi and are looking to help more companies such as Lockers Manufacturing achieve their growth potential through flexible, patient capital. We are truly excited to see what this high-growth company is able to achieve through this financing.”
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About Advantage Capital
Advantage Capital provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $3.8 billion in companies from a diverse array of industry sectors and has helped support more than 66,000 jobs. Learn more at www.advantagecap.com, or via Twitter or LinkedIn.
About Lockers Manufacturing
Lockers Manufacturing is a full-solution reliable manufacturer of premium custom lockers. Additionally, Lockers Manufacturing is innovating by developing and producing superior smart technology locker solutions through our design center. Established in 2014, at first, Lockers Manufacturing worked exclusively with Fortune 500 companies. Over the years, the company has expanded into new verticals, including product offerings to the AIA specification/Institutional school markets as well as the Department of Defense and Healthcare markets. With this purpose in mind, our team wants to work with all designers to become the basis of design on every project ensuring the client gets exactly what they need. Above all, Lockers Manufacturing’s vision is to solve security storage solution needs through the vehicle of premium custom locker storage systems designed and made in the USA. Therefore, becoming the locker company of choice for all architects, designers, and owners we serve.
Contacts
Advantage Capital
Joe Stosberg, Communications Manager
jstosberg@advantagecap.com
Advantage Capital is an investment adviser registered under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. The information in this release is not intended to be an advertisement concerning investment advisory services or an offer to buy or sell securities of any type. Advantage Capital is an equal opportunity lender.
The investments and portfolio companies referenced here represent only a sample of companies that have received investment capital from Advantage Capital-related entities. For a complete list of such companies, please see our website at advantagecap.com. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities highlighted herein or contained in any other information provided by Advantage Capital. Past performance is no guarantee of future results.
