The Hillman Companies Acquires Certain Assets of The Steelworks Corporation
CHICAGO – Code Hennessy & Simmons LLC (“CHS”) today announced that The Hillman Companies, Inc. (“Hillman”), a portfolio investment of Code Hennessy & Simmons IV LP, acquired certain assets of The SteelWorks Corporation (“SteelWorks”), a Denver, Colorado based manufacturer and distributor of metal shapes, threaded rod and metal sheet to the retail hardware and home improvement industry. Annual revenues of SteelWorks’ retail customer base are approximately $31 million.
Hillman sells to hardware stores, home centers, pet suppliers, mass merchants, and other retail outlets principally in the U.S., Canada, Mexico and South America. The company’s product line includes thousands of small parts such as fasteners and related hardware items, keys, key duplication systems and identification items, such as tags, letters, numbers and signs. Services offered include design and installation of merchandising systems and maintenance of appropriate in-store inventory levels.
Max W. ("Mick") Hillman, Jr., Chief Executive Officer of Hillman, said that the addition of the SteelWorks business will further complement Hillman's national presence in its core market segments and add a strong market brand name with "SteelWorks".
CHS made a majority equity investment in Hillman in March, 2004. CHS Partner Peter Gotsch said, “We are excited to extend Hillman’s product line through the acquisition of SteelWorks. SteelWorks has a strong franchise selling product lines with large numbers of SKUs and difficult handling requirements to leading hardware and home center retailers. Mick Hillman and his team successfully operate sophisticated systems for selling and merchandising products with these characteristics. The acquisition should be positive for Hillman’s and SteelWorks’ retail customers.”
For more information on Hillman, please visit the company’s website at www.hillmangroup.com or call Hillman Investor Relations at (513) 851-4900, ext. 2084.