6/1/2010
NEWS BRIEFS
Hillman Deal With Oak Hill Completed
Fastener distributor Hillman Companies Inc. completed its deal to be acquired by equity firm Oak Hill Capital Partners for about $815 million.
Hillman also closed its $11.5 million deal with Quick-Tag Holdings and Quick-Tag Inc. for the Quick-Tag license and related patents.
Hillman stock rose nearly a percentage point to $27 during trading on Tuesday.
Oak Hill, a 24-year-old private equity firm with more than $8.4 billion in its portfolio, is investing in partnership with Hillman’s current management team, led by CEO Mick Hillman, to buy Cincinnati-based Hillman from Code Hennessy & Simmons and certain company management.
Code Hennessy bought a 55% voting stake in Cincinnati-based Hillman in 2004 for $512 million, including the repayment of debt, and merged Hillman into one of its affiliates.
Hillman’s publicly traded trust preferred securities will remain outstanding, will not be converted or exchanged, and will continue to trade on the NYSE-AMEX.
Hillman reported 2009 revenue of $482 million. The company closed its distribution center at the Island Park industrial complex in Green Island, NY, in early 2009 in anticipation of a deepening global recession, shifting distribution operations back to its headquarters in Cincinnati. Hillman had operated in Green Island since early 2003, when it moved its Guilderland distribution operation to a newly constructed 56,000-square-foot building on Cohoes Ave.
Founded as a fastener company in 1964, Hillman is a value-added distributor of over 60,000 SKUs, including fasteners, key duplication systems, engraved tags and related hardware items to over 21,000 retail customers in the U.S., Canada, Mexico and South America. Hillman’s customer portfolio includes Ace Hardware, True Value, Lowe’s, Home Depot, Tractor Supply, Walmart, Menards and Do it Best Corp. ©2010 GlobalFastenerNews.com
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• Fastener Acquisitions Increase As Economy Gains Traction
Related Links:
• Oak Hill
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