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HRCP Investment:
Custom Engineered Wheels, Inc.
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Hamilton Robinson Capital Partners Purchases
Spartech Industries, Inc. (Wheels Division) from
Spartech Corp.
Warsaw, Indiana, USA. (October 28, 2009) - Hamilton Robinson LLC, a private equity firm based in Stamford, Connecticut, announced today that Hamilton Robinson Capital Partners L.P. III, together with management and certain co-investors, has acquired the business of Spartech Industries, Inc. (Wheels Division), aka Custom Engineered Wheels, Inc. (CEW) from parent company Spartech Corporation. CEW will become a stand-alone company with no changes in management structure or day-to-day business operations.
CEW is the largest North American manufacturer of custom engineered, non-pneumatic wheels for lawn and garden products and wheelchairs. Under the current management team, it has demonstrated a solid track record of profitable growth over the past five years.
Mark Riser, a partner at Hamilton Robinson stated, "We are very pleased to join with CEW management to complete this transaction. We have been very impressed with the performance and track record of CEW under the leadership of Bruce Harrison and Duane Moore and their management team, and we look forward to working with them to further develop the business."
Bruce Harrison, President of CEW said, "We appreciate the support from Spartech management in developing our business and we are extremely excited about our partnership with Hamilton Robinson. Given their industry expertise and association with top quality executives, Hamilton Robinson’s support of the management team will ensure CEW’s ability to continue providing best-in-class products and services to our customers. We believe the future is bright for our company and employees."
For more information about CEW products and services, e-mail bruce.harrison@cewmail.com.
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© 2010 Hamilton Robinson Capital Partners LLC • All Rights Reserved |
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