Columbus CEO Special Advertising Section: Association for Corporate Growth Columbus 2022

2022 Annual Networking and Awards Event

ACG Columbus is focused on growth for middle market M&A dealmakers and the business community.

In partnership with ACG Columbus

ANNUAL EVENT Recognizing Local Companies

This fall, ACG Columbus members gathered for the organization’s 15th annual networking event, sponsored by Copper Run, Fifth Third Bank and Porter Wright, on Oct. 13 at the Exchange at Bridge Park.

Like last year, the 2022 Annual Networking and Awards Event recognized three local companies that are making an impact in the Central Ohio middle market community by presenting them the Innovation Award and awards for Deal of the Year and ESG Deal of the Year.

The event featured hors d’oeuvres and cocktails, as well as ample time for premium networking—one of ACG Columbus’ cornerstones in supporting the business community. Read on to learn more about the organization and its 2022 honorees.

DEAL OF THE YEAR

Cathcart Rail

WHEN CATHCART RAIL completed a major acquisition and equity recapitalization this year, it was the culmination of a period of exponential growth for the family-owned company.

Earlier this year, Cathcart Rail acquired the railcar repair business of The Andersons, Inc., and secured new capitalization from Nuveen, a leading global investment manager. Combined with new syndicated loan services, the moves represent an enterprise value of more than $250 million, says Casey Cathcart, who founded the company with his father, Thomas, in 2016.

They began the business with 20 employees and now have nearly 1,000 in more than 30 states.

“We’re now the largest provider of mechanical services in the industry, and we’ve built that in six years,” says the younger Cathcart, who serves as chairman and CEO of the company. “It has been a combination of organic growth, plus several acquisitions. Some is a matter of luck, being in the right place at the right time and having the ability to make transactions.”

ESG DEAL OF THE YEAR

Stirling Ultracold

BEFORE COVID, most people didn’t know about cold chain storage, required to keep life-saving vaccines viable. Athens-based Stirling Ultracold has been working with biopharma and life science customers for more than two decades to provide sustainable and efficient ultra-cold storage around the globe.

Stirling’s recent merger with BioLife Solutions allows it to offer a full range of options that also support cell and gene therapy at centers such as Nationwide Children’s Hospital, says Bill Baumel, managing director of the Ohio Innovation Fund, a key investor and partner since 2016.

The company partners with UNICEF to deliver COVID vaccines to areas without the infrastructure to store drugs safely. Stirling’s ultra-cold freezers use 75 percent less energy than alternatives and emit little to no carbon dioxide.

“Environmental Social and Governance [ESG] is a more and more prominent consideration among investors,” Baumel says. “We have increased our valuation from $20 million to $400 million, and we did it in a way that benefited society.”

INNOVATION AWARD Path Robotics

WITH THE SKILLED LABOR market in recent decline, Path Robotics leverages autonomous technology to help U.S. manufacturers grow their businesses while addressing a potential shortage of up to 400,000 welders by next year.

The company makes autonomous welding systems using robots that autonomously scan, position and weld equipment without the need for skilled welders or robot coding programmers. Path Robotics CEO Andrew Lonsberry says the technology allows robotic systems to “see” their environment and “take on the hard tasks that only a skilled human welder could do before.” The intention is not to replace human welders entirely, but alleviate strain on the industry, he explains.

In four years, Path Robotics has grown from four employees to about 230 and has tripled sales annually. However, Lonsberry says, “Our company isn’t made up of sales and marketing people. It’s made up of engineers and product people, trying to build … a product that will change the future.”

From left, 2022 award winners Bill Baumel of Ohio Innovation Fund and Stirling Ultracold and Casey Cathcart of Cathcart Rail; not pictured: Andrew Lonsberry of Path Robotics

In Memoriam

Remembering Those We’ve Lost

ACG Columbus would like to honor two of its former board members, Don Hughes and Mark Koogler, both of whom passed away in 2022.

Hughes practiced law at Squire Patton Boggs for 25 years, joined ACG Columbus in 2007, became a board member in 2013 and served as board president in 2018 and 2019. A native of Alger, Ohio, and resident of Dublin, Hughes was married to his wife, Sherri, for 38 years. He is also survived by his daughter, Danielle, and son, Benjamin, as well as five grandsons, whom he adored. Hughes served as an elder and small group leader in his church, Northwest Presbyterian, and played guitar in its worship band. In addition to the ACG Columbus board, Hughes also was on the board of Campus Outreach, a ministry to undergraduate students.

Like Hughes, Koogler had a career in the legal field, serving as associate general counsel at Nationwide Insurance for 20 years before becoming a partner at Porter Wright, where he worked for 19 years. He was an inaugural member of ACG Columbus in 2005 and joined its board in 2013. He served on its Great Lakes Capital Connection planning committee, contributing to successful events in several cities. Born in Kettering, Ohio, Koogler also lived in Dublin. He was married to his wife, Vicki, for 41 years; together they had two sons, Nicholas and Andrew.

Both Hughes and Koogler were valuable members of the community and will be deeply missed.

ABOUT ACG COLUMBUS

Growing Columbus Businesses

As one of 59 global chapters of the Association for Corporate Growth, Inc., ACG Columbus has a simple goal: To benefit Central Ohio communities by helping local businesses grow. The organization’s robust programming, which includes networking events, roundtables, annual events and more, is designed to share best practices in business, build relationships that support growth and provide exposure to investment opportunities. In addition to ACG Columbus events, members receive access to the organization’s online member directory, a subscription to its Mergers & Acquisitions Journal and access to capital resources through the group’s proprietary database.

Staff: Nichole Glenn, Chapter Executive

LEADERSHIP

President: Dennis Duchene, Taylor Corp.

Immediate Past President: Andy Hays, Copper Run Capital, Inc.

Finance/Treasurer/Secretary: Nick Lombardo, Schneider Downs & Co., Inc.

Annual Event Chair: Amy Fleenor, First Commonwealth Bank Program Chair: Laura Fox, HUB International Diversity Chair: Laura Hult, Benesch Friedlander Coplan & Aronoff LLP

Membership Chair: Meryl Weinstein, Highlights for Children, Inc.

Sponsorship Chair: Brent Thomas, Fifth Third Bank Directors: Mike Abramo, Plante Moran; Joe Boeckman, BakerHostetler; Joe Borowski, GBQ Consulting; Melissa Diethelm, PNC Financial Services Group; Renee Milyiori, J.P. Morgan Private Bank; Brett Thornton, Porter Wright Morris & Arthur, LLP; Nick Ulrich, Tri-W Group; Eric Wygle, Dispatch Media Group

Ex Officio: J. Michael McVey, Hylant Group; Curtis Loveland, Porter Wright Morris & Arthur; Bill Remias, Huntington National Bank; Thomas Washbush, Washbush Business Law, LLC

YACG Liaisons: Frank Tice, RIV Capital; Rachel Ross, Fifth Third Bank

WiT Liaisons: Renee Tyack, Capital Plus; Kim Haymes, Huntington National Bank

Don Hughes

Mark Koogler