Code
Hennessy & Simmons LLC (“CHS”) today announced
the sale of J. Richard Industries, L.P. (“J. Richard”)
to PNC Equity Management Corp.
J. Richard is a leading designer, manufacturer
and marketer of components and sub-systems used in the material
handling and fitness and sports equipment industries. The
company is headquartered in Toledo, Ohio and operates through
three business units: Portec Flomaster which manufacturers
power turn conveyors and other material handling equipment
for the airport baggage and warehouse and distribution markets;
JRI which manufacturers steel tubing for a variety of applications
including treadmill rollers and aluminum bats; and Werner
which manufacturers motorized pulleys used primarily in the
retail checkout counter market and also in precision treadmill
rollers used in high end commercial treadmills.
CHS invested in J. Richard in April 1995.
At J. Richard, CHS oversaw the implementation of enterprise-wide
systems and controls, invested in human resources to upgrade
the capabilities of the management team and expanded the company’s
leading market positions through strategic acquisitions. CHS
supported J. Richard through the downturn in the material
handling industry and negative consequences of 9/11 on the
airline industry and positioned J. Richard for a successful
sale following the recent recovery in capital investment driven
industries.
Tom Formolo, Partner at Code Hennessy &
Simmons LLC, said “J. Richard is a market leader in
several high growth, niche end markets within the material
handling and fitness and sports equipment industries. With
a track record of strong profitability throughout economic
cycles, I expect J. Richard to continue to generate excellent
results.”
CHS is a Chicago-based private equity firm
specializing in private equity investments and recapitalizations
of middle market companies in partnership with management.
CHS has formed five private equity funds and currently manages
over $2.5 billion of capital. CHS' made its investment in
J. Richard through Code Hennessy & Simmons II, L.P., a
$155.0 million investment fund formed in 1994.
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