Global Law firm K&L Gates LLP advised Carousel Capital, a private investment firm based in Charlotte, North Carolina, on the recapitalization of Jay Industrial Repair (Jay Industrial), a Birmingham, Alabama-headquartered provider of maintenance, repair, replacement, and engineering services for industrial users of electric motors and generators, controls, and turbine equipment, including precision coil and rotor fabrication.
Joel McMahon will continue as the owner and board member of the company, which serves customers across North America from multiple service locations in the Southeastern United States, including Birmingham, Montgomery, Mobile, Muscle Shoals, Jacksonville, and Oklahoma City.
The transaction aligns with Carousel Capital’s focus on partnering with family-owned businesses in the Southeastern United States and providing capital solutions to support growth and long-term value creation.
“K&L Gates was a terrific partner during the transaction,” said Tyler Moses, Principal at Carousel Capital. “Together, we were able to reach a successful outcome that positions the business for continued growth. We’re excited to build on the strong foundation that Joel McMahon and his team have created.”
“The K&L Gates team is proud to have supported Carousel Capital in its recapitalization of Jay Industrial Repair,” said K&L Gates partner, Britt Doolittle. “Our team has had the privilege of working alongside Carousel on numerous transactions that reflect the Carousel team’s collaborative, solutions-oriented approach and strong partnership with management teams. This transaction underscores that approach and we are excited to see what Carousel and the Jay Industrial team accomplish in the future.”
The deal team was led by Charlotte partners Britt Doolittle and Kevin Stichter with support from Charlotte partners Christine Hoke and Jared Mobley, Raleigh partner Stanford Baird, Charlotte associates Ryan Beachum and Brooke Stewart, Pittsburgh associate Gloria Chibueze-Azinge, and Raleigh associates Caitlin Sarpal and Holly Jacobs.
K&L Gates’ Corporate practice is one of the most substantial in the legal industry, with hundreds of lawyers in offices across the globe providing clients with practical legal solutions in the structuring, financing, and closing of domestic, international, and cross-border transactions.