From Rust to Revival: Manufacturing’s Resurgence in Northeast Ohio
There’s a fundamental shift happening in the American economy - one that’s long overdue. For decades, we’ve watched as once-thriving industrial cities across the Great Lakes region have seen their manufacturing base decline. The industrial backbone that once made these communities economic powerhouses has weakened, leaving behind shuttered factories, underutilized infrastructure, and businesses struggling to keep pace with modern demands.
At the heart of this challenge are legacy businesses - companies built through generations of hard work and ingenuity. These businesses have been critical to our country’s economic foundation for years. Yet today, many of them find themselves at a crossroads. Without clear succession plans, access to capital, or the right talent to drive innovation and growth, too many of these companies are facing stagnation - or worse, closure. But I believe that this region - our region - still has the potential to lead the next great industrial resurgence. The expertise, workforce, infrastructure, and entrepreneurial spirit that built America’s manufacturing dominance haven’t disappeared. They’ve just been waiting for the right strategy, the right investment, and the right leadership to unlock their full potential.
That’s exactly what we’re building with a new partnership between Encore Venture Labs (EVL) and the Sycamore Legacy Family Office. This is more than just an investment strategy or a series of disjointed acquisitions. It’s a movement. A mission. A long-overdue effort to reindustrialize Northeast Ohio and the Great Lakes region. One that’s been spoken about often, but never executed properly.
At the core of our approach is a simple but powerful belief: legacy businesses don’t need to fade away - they need to be revitalized, modernized, and refreshed. They need the right capital, operational expertise, and strategic direction to scale and compete in today’s global market. And when paired with cutting-edge startups, emerging technologies, and forward-thinking leadership, these businesses become the foundation for something even greater - a thriving industrial ecosystem where established operations fuel innovation, and new ventures accelerate economic growth. The opportunity is massive, but it requires more than just investment - it demands execution. And that’s exactly what EVL and Sycamore Legacy are built to do. We are taking a hands-on, operator-first approach to industrial revolution, ensuring that the businesses we acquire don’t just survive but evolve into stronger, more competitive enterprises.
From the Steel City to the Dawg Pound: My Journey to EVL
I grew up in Pittsburgh, a city that certainly knows something about industrial decline - and reinvention. In 2014, I came to Cleveland to attend Case Western Reserve University, where I started to understand the deep history of manufacturing, engineering, and industrial excellence that made this region an economic powerhouse many years ago.
I began my career with a venture capital firm focused on the energy sector, where I witnessed firsthand how good startups challenge industries and introduce groundbreaking technologies. However, I quickly recognized that innovation alone isn’t enough - disruption without execution rarely leads to lasting success. The companies that truly thrived weren’t just those with great ideas, but those with the right operational strategy, infrastructure, and
leadership to turn vision into reality.
I spent the next five years with two private equity firms, driving M&A transactions across diverse industries, gaining international experience, and, most importantly, learning how to scale and optimize businesses post-acquisition. During this time, I refined my expertise in deal structuring, integration, and growth strategy, developing a deep understanding of what it takes to transform a strong company into an exceptional business.
In August 2023, I joined the Sycamore Legacy Family Office, a long-established multigenerational family with deep roots in Ohio, dedicated to fostering community-based economic growth and revitalizing key industries across the region. Sycamore has a long history of building and growing manufacturing, industrial, and infrastructure enterprises to create sustainable value, job growth, and long-term impact.
At Sycamore, I serve as the Chief Investment Officer of Fiber Capital Partners, the family’s dedicated investment bank focused on telecom and broadband infrastructure. In this role, I lead strategic investments, capital raising, and business development efforts to expand high-speed fiber internet access across underserved communities of America. With approximately 65% of Americans still lacking reliable broadband, Fiber Capital Partners is committed
to closing the digital divide by investing in and building next-generation fiber networks that support economic development, education, telehealth, and technological innovation.
Additionally, I am a partner with Sycamore Legacy Consulting, a business advisory and investment banking firm that works with middle-market companies and wealthy individuals to accelerate growth through M&A, operational strategy, and private credit structuring.
Encore Venture Labs & Sycamore Legacy: A Partnership Built to Scale
EVL’s Managing Partner, Andrew Rising, is a close friend of mine, and through numerous discussions between the EVL leadership team and Sycamore, a key realization emerged: Ohio’s future isn’t just about investing in and building new technologies - it’s about reviving and revitalizing the industrial foundation that originally built this region and pairing the two together. This shared vision is what led Sycamore Legacy to partner with Encore Venture Labs. Sycamore Legacy has been an institution in Ohio for 250+ years. Our track record in building, growing, and operating manufacturing and industrial companies is unmatched. We’ve seen firsthand what it takes to take a business from regional success to national and global scale. EVL, on the other hand, brings an unparalleled ability to develop new talent, new technology, and new industrial ecosystems.
Together, we are now driving the reindustrialization of Northeast Ohio and the Great Lakes region, fostering an ecosystem that merges the strength of legacy industries with the agility of modern innovation. We identify, acquire, and scale established industrial businesses, applying our operational expertise to introduce existing technology, enhance efficiency, expand market reach, and drive sustainable growth. Second, we launch and cultivate new
industrial startups alongside these legacy companies, ensuring that innovation is rooted in real-world applications - addressing tangible industry challenges rather than just theoretical advancements. By aligning new tech with the pressing needs of existing businesses, we create a dynamic synergy that fuels both economic revitalization and technological progress.
What We’re Looking For: Smart Acquisitions, Smarter Execution
As part of the Encore team, I will drive deal flow, capital structuring, and seamless post-acquisition integration to maximize long-term value. By collaborating with EVL and company leadership, we enhance operational efficiency and strategic alignment across our portfolio.
We are actively seeking to acquire manufacturing and industrial businesses with $500K to $3M in sustainable yearly EBITDA, recognizing the immense opportunity within second, third, and fourth-generation family-owned companies that are reaching a critical turning point. Many of these businesses are led by founders who are approaching retirement but lack a clear succession plan, creating a growing need for strategic ownership transitions. While
Entrepreneurship Through Acquisition (ETA) has gained immense popularity - so much so that top business schools now offer courses on it - success in this space isn’t about having a great idea; it’s about passion and execution. The reality is that many groups and individuals are looking to acquire lower middle-market industrial companies, but few truly understand how to operate and scale them effectively. That’s where EVL is different. We’re not just acquiring businesses; we’re integrating them into a broader industrial ecosystem, where each company plays a role in driving macro innovation. The businesses we acquire don’t operate in isolation. Instead, they serve as launchpads for new technology, product development, and industrial transformation. Our model ensures that startups within EVL are built to directly serve the needs of our industrial companies, while our industrial companies become testing grounds for the next generation of manufacturing technology.
When evaluating potential acquisitions, we adhere to three fundamental principles that guide our investment strategy: Quality, Value, and Growth. These principles ensure that we identify businesses with strong fundamentals, scalable potential, and the right financial and operational structure to thrive under our leadership. Quality refers to investing in well-managed companies with strong leadership, proven performance, and a solid reputation - avoiding distressed businesses and turnarounds. Value ensures that we make disciplined acquisitions at the right price, avoiding overpayment and leveraging deal structuring expertise for risk management and investor alignment. Growth sets apart transformational investments, focusing on scalable businesses with expansion potential through vertical integration, strategic acquisitions, and operational efficiencies. Each acquisition follows a clear roadmap for
sustainable, long-term success.
However, there is one additional point that I constantly make to our team that I want to include here: no acquisition target is perfect because, frankly, there aren’t many perfect companies out there - and the ones that are don’t go on sale. Every business we acquire is going to have its challenges, some we uncover in due diligence and others that only become clear post-acquisition. But the real work begins after the deal closes. You can spend endless hours on diligence, but at the end of the day, the real value isn’t just in finding a perfect acquisition - it’s in what you do with it. That’s our focus: not on whether a company is flawless, but on whether it provides the right foundation and platform to allow us to work hard and build something truly great.
Our mission is clear: to build a dynamic industrial ecosystem where legacy businesses are not just sustained but transformed into hubs of innovation, efficiency, and growth. This isn’t about nostalgia for the manufacturing past - It’s about redefining the future of American industry, right here where it belongs.
We are not just another investment firm buying small manufacturing companies. This is a revolution in how we build, grow, and scale industrial businesses. Let’s get to work.
Maxwell Watters