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Western Reserve Partners Advises Three Outstanding Privately Held Enterprises with Ownership Transition July 2, 2007 Western Reserve Partners recently advised three outstanding privately held enterprises with ownership transition. In each situation, the Western Reserve Partners team developed a tailored solution that reflected the client’s unique strategic, operating and financial objectives and the strong demand in today’s financial marketplace. Astrup is the leading distributor of fabric, hardware and trimmings to the awning, marine and casual furniture industries in the U.S. Over the past 130 years, Astrup has evolved from a single-facility sail manufacturer into the leading national specialty fabric distributor with 11 sales and distribution centers located throughout the U.S. In addition, Astrup is a significant equity holder in two leading specialty fabric distributors located in Canada and Mexico, making the company a virtual one-stop shop for customers throughout North America. Astrup was acquired by Glen Raven, which markets performance fabrics in over 100 countries worldwide and is based in Burlington, North Carolina. Going forward, Astrup will be led by its current President and Chief Operating Officer, Jeffrey W. Kirk, as a wholly-owned subsidiary of Glen Raven. Astrup Chairman John Kirk stated, “This combination is the perfect culmination of a mutually respectful and beneficial relationship between the founding families of both organizations that dates back more than 100 years. The entire Western Reserve team worked diligently with us through the many details and nuances of the transaction to create significant value for Astrup’s shareholders. I’ve known Ralph for many years, and he and his firm are truly dedicated to providing superior service to their clients.” Western Reserve Partners Managing Directors Ralph M. Della Ratta, Jr. and David D. Dunstan led the assignment, supported by Vice President Charles V. Aquino, Associate Rebecca L. White and Analyst David D. Helsel. Founded in 1905, Elyria Foundry Company is the industry leader in providing medium and large-sized complex gray and ductile iron castings. Elyria Foundry’s castings are primarily used in energy applications, including natural gas compression equipment and coal pulverizers for electric power generation. Other applications include refrigeration, chillers, air conditioners, process machinery, air compressors and power and transmission equipment. Elyria Foundry completed a majority recapitalization by Silverhawk Capital Partners, LLC, a private equity firm based in Greenwich, Connecticut, along with key members of the company's senior management team. Going forward, Gregg Foster will continue to serve as Chairman and Chief Executive Officer, while Sam Knezevic will serve as Chief Operating Officer. As part of the recapitalization, both Foster and Knezevic will remain significant shareholders. Foster stated, “Our senior management and employees are excited to have Silverhawk Capital Partners as our business and financial partner. They understand our industry and the importance of excellent customer service. Western Reserve Partners was with us every step of the way and did a terrific job.” Western Reserve Partners Managing Director Ralph M. Della Ratta, Jr. led the assignment, assisted by Vice President Charles Aquino, Associate Justin Wolfort and Analyst Christopher Pummill. ARNCO is the North American leader in developing and manufacturing high-quality, high-density polyethylene (HDPE) conduit. In addition, ARNCO manufactures and markets a fully integrated cost-effective system of materials and placing equipment designed to facilitate the entire cable installation process. With three manufacturing facilities in the U.S. and one facility in Mexico, ARNCO sells its customized products and system solutions to the power utility, electrical, telecommunication, cable TV, data communication and pressure pipe industries. ARNCO was acquired by Audax Group, a leading private equity firm based in Boston. Investing alongside Audax is Robert Smith, who will also continue to serve as Chairman of the company. Smith stated, “Our senior management and employees are excited to have Audax Group as our partner, as they understand the growth dynamics of our end-markets and the importance of product innovation and excellent customer service. The people at Western Reserve Partners worked hard to achieve the best possible result for ARNCO’s shareholders and employees. Ralph, Chuck and Becky worked closely with us through every detail of the transaction.” Western Reserve Partners Managing Director Ralph M. Della Ratta, Jr. led the assignment, assisted by Vice President Charles Aquino and Associate Rebecca White. About Western Reserve Partners |
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