XLCS Partners Successfully Guides AFCO Industries Through Acquisition by Fulton Asset Management

In a significant development in the investment banking sector, XLCS Partners, Inc. proudly announced that it served as the exclusive advisory firm for AFCO Industries, Inc. during its sale to Fulton Asset Management (FAM). This strategic acquisition marks a pivotal moment for both companies in navigating the complexities of mergers and acquisitions.

Founded in 1946, AFCO Industries is a reputable manufacturer known for its vertically integrated building products made in the USA. With a strong focus on quality and innovation, AFCO specializes in producing both stock and made-to-order columns and railings, catering to a diverse range of architectural needs, such as decks, walkways, entrances, and porches. The company's expertise extends to millwork door products, predominantly for residential and multi-family properties. AFCO is particularly distinguished by its advanced capabilities in processing aluminum, fiberglass, vinyl, and composite materials, holding a unique position in the market as one of the few manufacturers possessing two seven-inch aluminum extrusion presses with significant tonnage capabilities: 1,675 and 1,800 tons.

In addition to its manufacturing prowess, AFCO operates a full-service contract manufacturing and CNC metal fabrication business. This not only supports its brand of building products but also services a growing base of Original Equipment Manufacturer (OEM) clients, underscoring its versatility and commitment to quality.

Fulton Asset Management, on the other hand, embodies a diversified family office with a long-standing investment strategy that focuses on middle-market businesses across various sectors, including industrial, manufacturing, and business services. FAM adopts a patient capital approach, providing extensive operational support to build significant and enduring value within its portfolio companies. This acquisition aligns perfectly with their long-term investment philosophy.

As part of this transition, AFCO Industries' leadership team will remain intact, ensuring continuity in their operations and business strategy. AFCO's President and CEO, Don Fowler, praised XLCS for their tailored approach, decisively stating, "After careful consideration, we chose XLCS over a Big Four firm for their hands-on leadership and proven strategy to maximize value for our employee-owners. Unwinding an ESOP (Employee Stock Ownership Plan) can be complex, but XLCS was with us every step of the way. Their results-driven methodology generated significant interest, ultimately highlighting the best possible buyer for our company. I'm genuinely grateful we chose them to guide us through this process. If I ever had to sell another company, XLCS would, without hesitation, be my first call."

The transition was meticulously managed and overseen by key members of the XLCS team, including Partner Anthony Contaldo, Vice President Eric Schoendorf, and Senior Associate David Silva. Their expertise and strategic planning were instrumental in achieving a successful outcome, which was finalized on July 31, 2025.

This acquisition not only strengthens AFCO’s position in the market but also allows Fulton Asset Management to expand its portfolio within the manufacturing sector. The collaboration between the two entities is anticipated to yield significant benefits, enhancing operational efficiencies while promoting continued innovation in building products.

As XLCS Partners continues to provide M&A advisory services to clients globally, this successful transaction serves as a testament to their exceptional understanding of the investment landscape and commitment to delivering results.

For more information about XLCS Partners, Inc. and their services, please visit www.xlcspartners.com.