CHICAGO – Code
Hennessy & Simmons LLC (“CHS”) today announced
that The Hillman Companies, Inc. (“Hillman”),
a portfolio investment of Code Hennessy & Simmons IV
LP, acquired certain assets of The SteelWorks Corporation
(“SteelWorks”), a Denver, Colorado based manufacturer
and distributor of metal shapes, threaded rod and metal sheet
to the retail hardware and home improvement industry. Annual
revenues of SteelWorks’ retail customer base are approximately
$31 million.
Hillman
sells to hardware stores, home centers, pet suppliers, mass
merchants, and other retail outlets principally in the U.S.,
Canada, Mexico and South America. The company’s product
line includes thousands of small parts such as fasteners
and related hardware items, keys, key duplication systems
and identification items, such as tags, letters, numbers
and signs. Services offered include design and installation
of merchandising systems and maintenance of appropriate in-store
inventory levels.
Max
W. ("Mick") Hillman, Jr.,
Chief Executive Officer of Hillman, said that the addition
of the SteelWorks business will further complement Hillman's
national presence in its core market segments and add a strong
market brand name with "SteelWorks".
CHS
made a majority equity investment in Hillman in March,
2004. CHS Partner Peter Gotsch said, “We are excited
to extend Hillman’s product line through the acquisition
of SteelWorks. SteelWorks has a strong franchise selling
product lines with large numbers of SKUs and difficult
handling requirements to leading hardware and home center
retailers.
Mick Hillman and his team successfully operate sophisticated
systems for selling and merchandising products with these
characteristics. The acquisition should be positive for
Hillman’s
and SteelWorks’ retail customers.”
For
more information on Hillman, please visit the company’s
Web site at www.hillmangroup.com or call Hillman Investor
Relations at (513) 851-4900, ext. 2084.
|