Building the Future: AFCO Industries Joins Forces with Ashland Capital and Fulton Asset Management
ASHLAND CAPITAL PARTNERS, IN PARTNERSHIP WITH FULTON ASSET MANAGEMENT, ACQUIRES AFCO INDUSTRIES, INC. A BUILDING PRODUCTS MANUFACTURER AND FULL-SERVICE CONTRACT MANUFACTURING AND CNC METAL FABRICATION BUSINESS.
CHICAGO – July 31, 2025 – Ashland Capital Partners (“ACP”), a Chicago-based private investment firm, together with Fulton Asset Management (“FAM”), today announced the successful acquisition of AFCO Industries, Inc. (“AFCO”), a leading manufacturer of building products based in Alexandria, Louisiana. Terms of the transaction were not disclosed.
Founded in 1946, AFCO Industries is a premier vertically integrated building products manufacturer of Made in the USA stock and made-to-order columns and railings for decks, walkways, entrances, and porches, as well as millwork door products for residential and multi-family properties. The Company specializes in aluminum, fiberglass, vinyl, and composite products, and is one of the few building product manufacturers with two seven-inch aluminum extrusion presses (1,675 and 1,800 tons). AFCO also operates a full-service contract manufacturing and CNC metal fabrication business that supports both its building product brands and a growing base of OEM customers.
As part of the transaction, the existing AFCO management team will continue to lead the Company, with additional strategic support from ACP and FAM. Jim Lynch of Ashland Capital will join the Company’s Board of Directors.
Jim Lynch, Founder and Managing Partner at Ashland Capital, said, “AFCO represents exactly the type of business we strive to partner with—deep industry heritage, market-leading capabilities, and a clear opportunity to scale. We are thrilled to support the next phase of growth alongside the AFCO team and our partners at Fulton Asset Management.”
Gould & Ratner LLP served as legal counsel to Ashland Capital Partners. CIBC provided debt financing for the transaction. XLCS Partners was the exclusive financial advisor to AFCO.
ABOUT AFCO INDUSTRIES
Founded in 1946, AFCO Industries is a vertically integrated manufacturer of aluminum, fiberglass, vinyl, and composite building products, including columns, railings, and millwork doors. The Company also provides contract manufacturing and CNC fabrication services to a range of OEM customers. AFCO’s corporate office is in Alexandria, Louisiana.
For more information, please visit www.afco-ind.com.
ABOUT ASHLAND CAPITAL PARTNERS
Ashland Capital is a private investment firm devoted to investing in and growing companies with values ranging from $10 million to $100 million. Ashland’s team works to strengthen these businesses with targeted, strategic guidance. We partner with in-place management teams to create lasting business value for Ashland’s investors.
For more information, please visit www.ashlandcapitalpartners.com.
ABOUT FULTON ASSET MANAGEMENT
Fulton Asset Management is a diversified family office with a long-term investment philosophy, supporting middle-market businesses across industrial, manufacturing, and business service sectors. FAM provides patient capital and operational support to create enduring value in its portfolio companies.
For more information on AFCO or to learn more about Ashland Capital Partners, please contact one of our Team listed below:
Tom Fitzgerald – tfitzgerald@ashlandcapitalpartners.com
James Lynch – JCLynch@ashlandcapitalpartners.com
Cole White – cwhite@ashlandcapitalpartners.com