When Second Flight Capital acquired Qualtronics, a wire harness manufacturer based in northeast Ohio, in December 2023, it wasn’t just another transaction. It was a continuation of a strategy centered around legacy, leadership, and long-term value. Unlike many private equity firms that focus on quick flips and immediate returns, Second Flight operates on a different philosophy—one rooted in people, purpose, and sustainable community impact.
“We’re not flipping companies for a quick profit,” said Tim Fries, CEO of Qualtronics in a recent interview. “We’re looking for businesses where we can preserve a legacy, invest in people, and build for the long term.”
Second Flight Capital is a buy-and-hold equity firm headquartered in Dayton, Ohio. Their mission is to invest in closely held businesses—typically in manufacturing, distribution, or service industries—where the owners are more interested in the future of their employees than simply cashing out. With a focus on companies within a 200-mile radius of Dayton, Second Flight looks for operations with solid reputations and established workforces, particularly those where leadership is preparing to retire and is seeking the right kind of partner to carry things forward.
That search led them to Qualtronics, a company that checks every one of those boxes. “We didn’t come into this with a specific industry in mind,” Tim admitted. “But when we found Qualtronics, we realized wire harness manufacturing aligns perfectly with our approach. It’s an industry with real staying power—one where relationships and expertise matter. It’s also one where many owners are looking for succession plans that protect their employees, not just their balance sheets.”
And it wasn’t just the market fit. It was the culture. “We’re not looking to strip a company down for parts or turn it into something it’s not,” Tim noted. “We’re here to invest in its people, its processes, and its future.”
Second Flight saw in Qualtronics a team of loyal employees, many of whom had been there for decades, and leadership that cared deeply about the product and the people who built it. According to Bob Schwab, Senior Partner at Second Flight, “We look for businesses where there’s pride in the work. That tells you a lot. You can’t fake that.”
That mindset shapes everything Second Flight does—from how they handle acquisitions to how they lead. Leadership at Qualtronics is now guided by those same principles.
One of the most striking parts of my conversation with Tim was his emphasis on faith. It’s a subject that doesn’t usually come up in business interviews but came across as an authentic driver behind their leadership style.
In a follow-up email, Tim elaborated:
“At Qualtronics, we believe that faith isn’t just something we practice personally; it’s something that shapes how we lead. We strive to care for our employees not just professionally, but personally and spiritually as well. Our core belief is that if we can positively influence the lives of our employees, we’re not just building a stronger team—we’re helping to create better moms, dads, husbands, wives, and ultimately, stronger communities.”
“That’s why we make intentional efforts to foster a culture that encourages growth in all aspects of life. Whether it’s through mentorship, personal development, or simply being present in the lives of our people, we see leadership as a responsibility to serve.”
That’s not a mission statement on a wall—it’s an operating principle. Since the acquisition, Second Flight and Qualtronics have already promoted nine employees from within, including elevating a 14-year veteran to plant manager. The goal is to reward experience, nurture leadership, and create long-term growth pathways.
“We want people to know that when we say we care about them, we mean it,” Tim insisted. “That might sound simple, but in a lot of businesses, it’s not.”
Their investments haven’t stopped with Qualtronics. Since that acquisition, Second Flight has also acquired Panel Controls, a control panel manufacturer in Anna, Ohio, which also has wire harness capabilities. The plan is to build synergies between the two businesses, expand workforce training, and share operational best practices. “These businesses complement each other perfectly,” Tim emphasized. “And we’re not stopping here. We’re actively looking for more companies that fit our model.”
One of the pleasant surprises, according to all three leaders, has been the wire harness industry itself. “We’ve been to two industry conferences now, and what struck us was how open and supportive everyone is,” Tim mentioned. “It’s not cutthroat. People genuinely want to help each other succeed.”
“It’s a collaborative space,” adds Kyle Brandon, Managing Partner at Second Flight. “People take pride in what they do, and they’re more than willing to share what works. That says a lot about the culture of the industry.”
That collaborative energy fits right into Second Flight’s approach. As Kyle explained, “We don’t believe in leading from the top down. We believe leadership is about service. It’s about taking care of the people who make a company what it is.”
That notion of service may be the quiet thread running through all of this. Whether it’s to employees, to the community, or to the legacy of a business built over decades, the team at Second Flight seems more focused on stewardship than disruption.
“We’re not in this to make a quick exit,” Tim implored. “We’re here to build something lasting. And that starts with people.” If that sounds old-fashioned, that’s fine with them. It’s working.
