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Charlesbank Capital Partners Recapitalizes The Horn Companies
| Source: Charlesbank Capital Partners
BOSTON, MA--(Marketwire - August 20, 2007) - Charlesbank Capital Partners announces its
investment in and recapitalization of The Horn Companies, a leading
provider of specialized maintenance and installation services focused on
the power and refinery industries. Term financing was provided by GSO
Capital Partners and funds managed by Oak Hill Advisors, with Wells Fargo
providing the revolver. Management also invested in the transaction. Terms
of the transaction were not disclosed.
Horn offers both fully outsourced and on-call maintenance services, and the
fabrication and installation of equipment for environmental compliance
projects as well as for plant extensions, upgrades and new builds. Horn's
diverse customer base includes plant operators, industrial contractors and
equipment OEMs. Founded in 1978 and headquartered in Owensboro, KY, the
company services these customers through three separate divisions operating
nationwide.
"Horn is a clear market leader with a reputation for excellence and a very
talented management team," says Michael Choe, Managing Director,
Charlesbank Capital Partners. "Horn's success to date is truly a credit to
its management, and we are pleased to partner with them to help Horn
capitalize on its potential and continue to grow this exceptional company."
"We are extremely excited about our growth prospects, and are thrilled to
be investing alongside Charlesbank to strengthen our leadership in the
industry," says founder and CEO Mike Horn. "We believe Charlesbank will be
an ideal partner for us and our team of employees, as they fully appreciate
the importance of the high quality, safety and efficiency we have always
delivered to our customers."
About Charlesbank
With offices in Boston and New York, Charlesbank Capital Partners is a
middle-market private equity investment firm managing approximately $1.5
billion of capital. Charlesbank focuses on management-led buyouts and
growth capital financings, typically investing $25 million to $100 million
per transaction in companies with enterprise values of $50 million to $750
million. The firm seeks to partner with strong management teams to build
companies with sustainable competitive advantages and excellent prospects
for growth. Charlesbank is currently investing through Charlesbank Equity
Fund VI, a $900 million fund. For more information, visit
www.charlesbank.com.