7/20/2009
NEWS BRIEFS
Senco Emerges From Chapter 11

Chicago private equity firm Wynnchurch Capital completed its acquisition of Sencorp out of Chapter 11 bankruptcy reorganization, (see FIN 6/1/2009). The sale, which included the brands SENCO and TyRex, was approved on July 2, 2009, by the U.S. Bankruptcy Court and closed on July 17, 2009. Terms were not disclosed.

The new company, Senco Brands Inc., includes both brands, as well as the SenSource global sourcing operation and all of Sencorp’s domestic and foreign businesses.

“Through the hard work of our employees, and the support of our customers and suppliers, we have successfully managed the business through the sale process,” said Peter van der Wel, CEO of Senco Brands. “With the changes we have made to our business processes, combined with the commitment and confidence exhibited by Wynnchurch, we are emerging from bankruptcy stronger and healthier than ever.”

Sencorp had operated under the Global Fastening Solutions name, and its holdings included Senco Products, a global supplier of construction fasteners and air-powered nail guns.

TyRex supplies auto-feed screw systems.

Founded in 1951 by A.G. Juilfs, William Tillinghast and George Kennedy, Senco Products Inc. has been owned by the George Juilfs family. The company once employed more than 1,000 at two Cincinnati-area plants.

In 2003 Sencorp cut 125 jobs and shifted some production to Taiwan and China. The plants were consolidated two years ago and local employment has fallen to about 300. The idle plant was sold to Broadwell Factory Group LLC. Sencorp also closed three of six distribution facilities.

Sencorp has cited steel prices, drops in commercial and residential construction and the recession for its financial troubles.

In 2009 Sencorp moved to a new headquarters at 4270 Ivy Pointe Blvd., Cincinnati, OH 45245. The relocation was funded in part by $315,000 from the Ohio Department of Development for machinery and equipment and $63,000 from Clermont County based on Sencorp creating 15 new jobs in the next three years.

Founded in 1999 Wynnchurch manages private equity funds totaling more than $500 million. ©2009 GlobalFastenerNews.com

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