Thesis Capital Completes a Successful Recapitalization of Texas-Based Electrical Enclosures Manufacturer

Houston, TX - August 23, 2024 — Thesis Capital is pleased to announce its successful recapitalization of NEMA Enclosures (the "Company") in collaboration with Farragut Capital Partners, a manager of SBA-licensed SBIC funds. This marks a significant milestone in the Company's ongoing growth journey.

Founded in 1987, NEMA Enclosures manufactures made-to-order electrical enclosures in a variety of metal materials and finishes. Head quartered in Houston, Texas, the company serves customers throughout the United States in multiple end markets, such as manufacturing, oil and gas, petrochemical, power generation, transmission, telecom, transportation, and water and waste water treatment.

Upon completing the transaction, Thesis Capital Operating Partner, Luke Davis, a former US Army officer and previous business commercial leader at ExxonMobil, joined NEMA Enclosures as Chief Executive Officer. Rob Bohn, the Company's President will continue to serve the company as a senior advisor, while Jonathan Bohn will continue in his leadership role as Engineering Manager. Rob and Jonathan will each continue to hold significant interests in the business.

Ian J.H. Reynolds, Managing Partner of Thesis Capital, commented, "Rob and Jonathan have built a highly capable metal fabrication team geared towards a service culture centered around their customers. We could not be more honored to partner with them in the next phase of growth. NEMA Enclosures, led by Luke, is well positioned to capitalize on several key demand trends we see in the market such as increased industrial automation, accelerating energy transition, and AI-fueled data center construction."

Thesis Capital Partners would like to extend their gratitude to Farragut Capital Partners for their invaluable collaboration in this transaction. Their expertise and commitment have been crucial in facilitating this recapitalization and positioning NEMA Enclosures for continued success.

Based in Houston, Texas, Thesis Capital is an Independent Sponsor that invests in family-owned companies in the United States, partnering with exceptional entrepreneurs to grow these businesses for the next generation in a hands-on way.