Code Hennessy and Simmons LLC Announces Sale of the Reading Alloys Business of KB Alloys
Code Hennessy & Simmons LLC (“CHS“) announced it has completed the sale of its Reading Alloys business (“Reading“) to Ametek, Inc., a leading global manufacturer of electronic instruments and electromechanical devices. CHS will continue to retain its ownership position in its previously affiliated aluminum alloys business, KB Alloys.
Headquartered in Reading, Pennsylvania, KB Alloys is a global manufacturer of aluminum master alloys, aluminum grain refiners and titanium master alloys serving various segments of the metals and manufacturing industries. Proceeds from the sale of the Reading business will be used to retire debt and provide a return of capital to shareholders. All debts and preferred securities have been entirely repaid and KB Alloys will be owned debt-free. For additional information about KB Alloys, please visit the company’s website at www.kballoys.com.
CHS is a Chicago-based private equity firm specializing in private equity investments and recapitalizations of middle market companies in partnership with management. CHS targets well-managed companies focused on growth with enterprise values between $100 million and $1 billion. With particular expertise in the Infrastructure & Industrial Products, Business & Consumer Services, Consumer Products, and Distribution sectors, CHS has completed 71 platform investments and 169 add-on investments. Founded in 1988, CHS has formed five private equity funds and currently manages over $2.5 billion of capital. For additional information about CHS, please refer to the firm’s website at www.chsonline.com.