Chicago,
Illinois - On November 3, 2003, Code Hennessy & Simmons
II L.P. completed the sale of Stronghaven, Inc., a - portfolio
company since 1996. Stronghaven was sold to TransOcean Capital,
Inc., a Boston-based private equity firm. The sale resulted
in a realized gain for Fund II. CHS Fund II was formed in
1994 and has completed 17 platform investments and 23 add-on
acquisitions. Value in these companies has been substantially
realized resulting in top-quartile performance for Fund II.
Stronghaven, headquartered in Atlanta, Georgia,
is a leading non-integrated manufacturer of corrugated containers
serving primarily the Southeastern United States. The Company
operates four corrugated container plants located in Greensboro
and Charlotte, North Carolina, Jacksonville, Florida and Atlanta,
Georgia. Stronghaven serves customers who demand short-run,
customized corrugated products with graphics-intensive, value-added
features.
According to David O. Hawkins, a Managing
Director at Code Hennessy & Simmons LLC, “Stronghaven
performed remarkably well throughout a difficult economic
period due to the hard work of the Company’s high-caliber
management team.”
Doug Johnston, Chief Executive Officer of
Stronghaven remarked, “Stronghaven has benefited tremendously
from the strong, collaborative relationship that exists between
our management and the CHS team. We jointly set operational
and financial goals, and we worked seamlessly to successfully
reach those goals.”
Founded in 1988, Code Hennessy & Simmons
LLC is a Chicago-based private equity firm that manages approximately
$1.5 billion of capital in four funds. CHS focuses on building
shareholder value in middle market companies through strong
relationships with management teams and sound investment strategies.
|