Lincoln Partners Advises Code, Hennessey & Simmons in the Divestiture of Portec Group International
Chicago, Illinois - Code, Hennessey and Simmons ("CHS"), a Chicago-based private equity firm, today announced the divestiture of Portec Group International ("PGI") to PNC Equity Management, a Pittsburgh-based private equity firm. Lincoln Partners initiated this transaction, assisted in the negotiations, and served as the exclusive financial advisor to CHS and PGI.
Headquartered in Toledo, Ohio, PGI is designer, manufacturer and marketer of components and sub-systems used in the material handling and fitness and sports equipment industries. PGI operates through three business units: Portec Flomaster, J Richard Industries and the Werner Motor Company. Portec Flomaster (approximately 50% of revenue) is a leading manufacturer of power turn conveyors and other material handling equipment for the airport baggage handling and warehousing and distribution markets. J. Richard Industries (approximately 30% of revenue) is a provider of engineering and manufacturing expertise related to steel tubing and cutting for a variety of applications including treadmill rollers and aluminum baseball bats. Lastly, Werner (approximately 20% of revenue) is a manufacturer of motorized pulleys used primarily in the retail checkout counter market, as well as precision rollers used to propel commercial treadmills.
Commenting on the transaction, Tom Formolo, a partner at CHS, stated, "Lincoln Partners did a fabulous job in managing this process for us. They exhibited tremendous commitment and determination securing the right solution for CHS and the company."
About Lincoln Partners
Lincoln Partners is a boutique investment bank specializing in mergers & acquisition services, and raising private capital. Lincoln Partners focuses on select industries including automotive, aerospace, building products, chemicals, consumer products, engineered products, food products, electronics, services and transportation. Headquartered in Chicago, Lincoln Partners is one of the strongest middle market M&A advisors in North America. The firm's clients include major publicly traded companies and well-respected private equity firms. By committing hands-on senior banker attention, in-depth industry expertise and international resources to every transaction, Lincoln Partners produces outstanding results for our clients. The firm is employee owned.
About Code Hennessy & Simmons LLC
Code Hennessy & Simmons LLC is a private equity firm that focuses on acquiring majority ownership positions in industrial and consumer manufacturing, distribution and business services companies. The firm prefers participating in transactions valued between $75 million to $500 million. The firms most recent fund is in excess of $1.3 billion.
About PNC Equity Management
PNC Equity Management is the private equity arm of PNC Financial Services Group. The firm invests in the telecommunications, healthcare, education and training, businesses services and niche manufacturing industries. PNC Equity invests up to $20 million of equity per transaction. The firm's most recent fund size is approximately $175 million.