What Innovance does

Innovance is a 100% employee-owned ESOP holding company headquartered in Albert Lea, Minnesota, that acquires and operates middle-market industrial manufacturing businesses. Founded in 2004, the holding company owns five operating subsidiaries: ALMCO (industrial parts washers and vibratory deburring/finishing equipment since 1946), Jorgensen Conveyor and Filtration Solutions (chip conveyors, coolant filtration, and chip processing since 1950, acquired February 2024), Lou-Rich (fully-integrated contract manufacturing including fabrication, welding, machining, painting, finishing, and assembly, ranked among the top 20 contract manufacturers of its type), Mass Finishing Inc. (high-energy centrifugal barrel and vibratory finishing machines since 1995), and Panels Plus (panelized wall panel and floor cassette equipment for modular and prefab construction). The portfolio collectively serves aerospace, automotive, agricultural equipment, medical/dental, machine tool OEM, and off-site construction customers, primarily in North America.

The company's core technology is mechanical and process-equipment-based: high-end parts washing systems, vibratory and centrifugal finishing equipment with thousands of developed processes, hinged belt and chip conveyors, integrated chip processing and coolant filtration, CNC tooling filtration, and panelizing equipment for light-gauge steel framing. Lou-Rich provides ISO-certified integrated contract manufacturing that bundles multiple fabrication disciplines under one roof. No software, AI/ML, or digital platform capabilities are disclosed; the technology stack is physical-industrial rather than digital.

Innovance generates revenue through three streams: one-time equipment sales (parts washers, finishing machines, conveyors, panelizing systems), professional services via Lou-Rich's contract manufacturing, and recurring aftermarket hardware (consumables, replacement parts, service). Pricing is quote-based and not publicly disclosed; the Partner Recognition Program offers up to 10% cross-portfolio discounts to existing customers purchasing across multiple subsidiaries. Go-to-market is direct enterprise field sales through each operating company's own sales representatives and dedicated websites, with cross-selling coordinated at the holding-company level. The company employs 251-500 people across facilities in Albert Lea (HQ), Mequon WI, and Howard Lake MN, and operates without external private equity backing or institutional shareholders.

Name

Innovance

Legal name

Innovance

Website

https://innovance.com

Company type

Private

Founded year

1946

Operating status

Operating

Headcount range

251–500 employees

Short description

Innovance is a 100% employee-owned ESOP holding company that acquires and operates five middle-market industrial manufacturing subsidiaries (ALMCO, Jorgensen, Lou-Rich, Mass Finishing, Panels Plus) serving aerospace, automotive, medical, machine tool, and construction customers with equipment and contract manufacturing.

Ownership category

akta.pro rank

Headquarters

HQ city

Albert Lea

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Equipment Manufacturing and Sales: Innovance operating companies manufacture and sell industrial equipment including parts washers, finishing machines, conveyors, filtration systems, and construction panelizing equipment. Revenue is generated through direct equipment sales to industrial customers.
2. Contract Manufacturing Services: Lou-Rich provides fully-integrated contract manufacturing services including fabrication, welding, machining, painting, finishing, and assembly for customers across various industries.
3. Aftermarket Products and Services: Operating companies sell consumables, replacement parts, and provide service/repair capabilities for their equipment installations.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Innovance is a 100% employee-owned ESOP holding company that owns and operates five manufacturing companies serving industrial customers. Its operating companies design and manufacture industrial parts washing equipment, vibratory and centrifugal barrel finishing machines, hinged belt conveyors, chip processing and coolant filtration systems, panelized wall panel and floor cassette equipment, and provide fully-integrated contract manufacturing services including fabrication, welding, machining, painting, finishing, and assembly.

Product overview

Innovance is a holding company operating five distinct manufacturing subsidiaries, each serving different industrial niches. The portfolio includes ALMCO (industrial parts washers and vibratory finishing equipment), Jorgensen Conveyor and Filtration Solutions (chip conveyors, coolant filtration, and chip processing), Lou-Rich (full-service contract manufacturing with fabrication, machining, welding, painting, and assembly capabilities), Mass Finishing Inc. (high-energy centrifugal barrel and vibratory finishing machines with associated media and compounds), and Panels Plus (panelized wall panel and floor cassette equipment for the construction industry). These operating companies operate independently while sharing corporate administrative services, and customers can access products across the portfolio through the Partner Recognition Program offering up to 10% discounts.

Differentiator

Problem solved

Functional benefit

Products and services

• ALMCO Industrial Parts Washers and Vibratory Finishing Equipment High-end industrial finishing and parts washing equipment for deburring, polishing, and cleaning parts in mass production operations. Includes vibratory deburring and finishing equipment for aerospace, automotive, fabricated metal, and munitions industries. Functions as standalone systems or integrates into larger manufacturing processes.
• Jorgensen Conveyors and Filtration Solutions Conveyor and filtration technology including hinged belt conveyors, chip conveyors, scrap conveyors, integrated chip processing, and coolant filtration systems. Serves OEM machine builders, machine importers, distributors, and end users in metal working manufacturing.
• Lou-Rich Contract Manufacturing Services Fully-integrated contract manufacturing services including fabrication, welding, machining, painting, finishing, and assembly operations under one roof with ISO certification. Ranked among the top 20 largest contract manufacturers of its type in the U.S.
• Mass Finishing Inc. (MFI) Finishing Machines High-energy tumbling and vibratory machines designed to finish and deburr parts in mass quantities. Includes barrel finishing, disk finishing equipment, and finishing media/compounds. Thousands of processes developed over three decades.
• Panels Plus Wall Panel and Floor Cassette Equipment Innovative equipment for cost-effective wall panelizing production and light gauge steel framing and sheathing for modular and prefabricated construction. Serves modular home manufacturers and off-site construction companies.

Named customers6 records

Segments3 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Five partnerships are on record, tiered core.

• ALMCOcoreStrategic or Co-development PartnerALMCO is a wholly-owned operating company of Innovance, specializing in industrial parts washers and vibratory deburring and finishing equipment since 1946. Serves aerospace, automotive, fabricated metal, and munitions industries.
• Jorgensen Conveyor and Filtration SolutionscoreStrategic or Co-development PartnerJorgensen is a wholly-owned operating company of Innovance, manufacturing conveyors, filtration systems, and chip processing equipment since 1950. Based in Mequon, Wisconsin with 70+ years of industry leadership.
• Lou-RichcoreStrategic or Co-development PartnerLou-Rich is a wholly-owned operating company of Innovance, providing fully-integrated contract manufacturing including fabrication, welding, machining, painting, finishing, and assembly services for over 50 years. Ranked among top 20 contract manufacturers of its type in the country.
• Mass Finishing Inc (MFI)coreStrategic or Co-development PartnerMass Finishing Inc is a wholly-owned operating company of Innovance, manufacturing high-energy centrifugal barrel finishing equipment and vibratory machines since 1995. Founded by brothers Mike and Tom Mathisen, based in Howard Lake, MN.
• Panels PluscoreStrategic or Co-development PartnerPanels Plus is a wholly-owned operating company of Innovance, manufacturing panelized wall panel and floor cassette equipment for the building component industry, serving modular and prefabricated construction companies.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Illinois Tool Works (ITW): Massive diversified industrial manufacturer with holdings in finishing equipment, welding, fasteners, and engineered components — the closest public-market analogue to Innovance's multi-segment industrial holding structure, though at much larger scale and breadth.
• Donaldson Company: Large diversified manufacturer of industrial filtration systems serving manufacturing, OEM, and process industries — overlapping with Jorgensen's coolant and industrial filtration lines but serving a far broader portfolio of customers and geographies.
• Lincoln Electric Holdings: Global industrial equipment manufacturer of welding, cutting, and surface finishing products serving industrial manufacturers — adjacent to Innovance's finishing equipment businesses with overlap in customer base but far broader product portfolio.

Direct peers

• Wheelabrator Group: Long-established manufacturer of shot blasting, wheel blasting, and air-blast surface preparation equipment serving aerospace, automotive, and foundry end markets — directly overlapping with ALMCO's parts washing and vibratory finishing portfolio.
• Acme Manufacturing Company: U.S. manufacturer of industrial parts washing, deburring, and finishing equipment for aerospace, automotive, and medical device customers — a direct niche competitor to ALMCO's industrial parts washer line.
• Mayville Engineering Company (MEC): U.S.-based contract manufacturer providing metal fabrication, machining, painting, and assembly services to industrial OEMs — directly comparable to Lou-Rich's contract manufacturing offering in scope and customer base.
• Rösler Group: German-founded global manufacturer of mass finishing, vibratory finishing, and shot blasting equipment, directly comparable to Innovance subsidiaries ALMCO and Mass Finishing Inc. (MFI) in the industrial surface finishing equipment category.
• Empire Screen Printing & Manufacturing: Midwestern parts washing, vibratory finishing, and contract manufacturing provider serving industrial OEMs — directly comparable to ALMCO and Mass Finishing Inc. in equipment and contract services.
• Flexicon Corporation: Specialized manufacturer of industrial conveyors and bulk material handling equipment with a comparable B2B direct-sales motion to industrial manufacturers — overlapping with Jorgensen's conveyor business in delivery mechanism and customer base.
• Hennig Inc. Manufacturer of machine tool chip conveyors, coolant filtration, and chip processing systems — directly overlapping with Jorgensen Conveyor and Filtration Solutions' product portfolio for CNC and machine tool OEMs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/innovance-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries5 records

Funding overview

Funding rounds3 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Innovance