COSTA MESA, Calif., May 3, 2007 (PRIME NEWSWIRE) -- Both divisions of Persinger Supply Company have been acquired in separate transactions. House-Hasson Hardware Company acquired Persinger's Consumer Products Division, while United Central Industrial Supply Company bought the Mine Supply Division. Transaction terms were not disclosed.
RSM EquiCo Capital Markets led the negotiations and served as exclusive financial advisor to Persinger Supply Company. According to Persinger Supply Company President, Vernice Deskins, these acquisitions allowed the company to align both product divisions with leading, growth-oriented distributors in their respective fields.
Consumer Products Division
House-Hasson Hardware Company, based in Knoxville, Tenn., has been a wholesale distributor in the hardware sector for more than 100 years. Don Hasson, President of House-Hasson, said the acquisition will help the company further expand its services to home improvement retailers in Virginia, West Virginia, Ohio and Pennsylvania. "Persinger Supply's key employees will remain and will operate House-Hasson's new Persinger Division," Hasson said, adding that House-Hasson will mirror the company's inventory and services in the West Virginia distribution center.
Mine Supply Division
United Central Industrial Supply Company is a portfolio company of American Securities Capital Partners, an investment arm of American Securities LP. "Persinger's Coal Division is a valued addition to United Central; these two operations will significantly enhance our position in the Appalachian coalfields," said Darrell Cole, president and CEO of United Central. "Persinger has a fine reputation throughout the industry for its product offerings and service. The company's operations will fit well within the United Central organizational structure."
About RSM EquiCo Capital Markets
RSM EquiCo Capital Markets LLC (www.rsmequico.com) is a global provider of investment banking services to private and public companies with annual revenues of up to $1 billion. The firm brings together companies, capital and creativity on a national and international scale to help clients achieve their personal and strategic objectives.
As specialists in facilitating mergers and acquisitions, structuring recapitalizations, providing access to capital markets and offering fairness opinions, RSM EquiCo Capital Markets plays a noteworthy role in the "middle-market" field. These services include facilitating the acquisition of North American companies and raising capital for a wide variety of purposes, ranging from acquisitions and leveraged buyouts to balance sheet restructuring.
RSM EquiCo Capital Markets is licensed by the SEC and all state securities authorities, and is a member of the NASD and SIPC. The firm's international headquarters are located in Costa Mesa, Calif. It also has offices in Chicago, Boston, New York and London.
About Persinger Supply Company
Persinger Supply Company has been providing its customers quality products and dependable service for over 100 years. Persinger's Mine Supply Division operates as a wholesale distributor of maintenance, repair and operating supplies to the coal industry. The company's Consumer Product Division is a distributor of consumer products to hardware, plumbing, heating, floor covering, and appliance retailers. As a value-added distributor, Persinger offers customers a diverse selection of products, personalized service, and ordering flexibility. The company carries approximately 10,000 SKUs in inventory, including many top brands. Retailers not only benefit from low-order minimums and next-day delivery, but also take advantage of Persinger's in-house advertising, catalog, credit financing and product training capabilities.
About United Central Industrial Supply Company, LLC
United Central Industrial Supply Company, LLC is the leading nationwide distributor of products and services in the domestic consumable coal mine supplies market. Since its inception in 1974, the company has grown both organically and through acquisitions to its current position, which includes 23 branches located strategically throughout North America. It offers roof-control products, underground mining bits, conveyor belts and idlers, oil products, and various maintenance, repair, and operating items. The company provides various services, including technical and field support services, as well as on-site repair and maintenance services. Its service center offers various specialty electrical and electronic manufacturing and repair services, including belt starter boxes, mine electrical distribution boxes, radio telemetry units, and factory-authorized gas detector repair and calibration services. nited Central, based in Bristol, Va., is a portfolio company of American Securities Capital Partners, LLC, which acquired the business in 2006.
About American Securities Capital Partners LLC
American Securities Capital Partners is a New York-based private equity firm that invests in market-leading companies in North America with annual revenues generally ranging between $100 million and $500 million. Investments are funded from nearly $2 billion of committed capital primarily from high net-worth families, entrepreneurs and a select number of institutional investors. The firm traces its roots to the family office founded in 1947 by William Rosenwald to invest and manage his share of his family's Sears, Roebuck & Co. fortune. ASCP is headquartered in New York.
More information on ASCP can be found at www.american-securities.com.
About House-Hasson Hardware Company
Privately-owned House-Hasson Hardware Company has been a wholesale distributor in the hardware arena for over 100 years. Headquartered in Knoxville, Tenn., House-Hasson services more than 1200 independent hardware stores, home centers and lumberyards in 14 states and the Caribbean. The company, a member of Distribution America, is a leading regional low-cost distributor of consumer hardware products, operating from a 350,000-square-foot central warehouse with approximately 45,000 SKUs in stock.