Platinum Equity acquires The HC Companies
Platinum Equity announced the acquisition of The HC Companies, a North American manufacturer of horticultural containers, has been completed. Financial terms were not disclosed.
Headquartered in Twinsburg, Ohio, HC operates six manufacturing locations and distribution centers in the US and Canada. The company produces a wide range of planters, pots, and accessories for the greenhouse, nursery and retail markets, including fiber and biobased solutions produced with post-consumer and post-industrial materials to meet increasing consumer demand for sustainable solutions.
“HC has earned a well-deserved reputation for innovation, quality and customer service, and the company offers one of the most comprehensive product lines in the industry,” Jacob Kotzubei, co-president of Platinum Equity said. “We are excited to work with the HC management team and to continue investing in the company’s long-term strategic plans.”
Bob Mayer, president and CEO for The HC Companies, will continue leading the business following the transition to new ownership.
“HC has earned a well-deserved reputation for innovation, quality and customer service, and the company offers one of the most comprehensive product lines in the industry. We are excited to work with the HC management team and to continue investing in the company’s long-term strategic plans,” Kotzubei said.
“We know the industry well and have a lot of operational experience in manufacturing, supply chain and distribution that can help the company take the next step,”Nick Fries, managing director for Platinum Equity said. “We will pursue opportunities to help the business grow both organically and through add-on acquisitions in adjacent product categories, segments, channels and geographies.”
The HC acquisition was led by Platinum Equity’s Small Cap investment team, which is actively deploying capital.
In April, the Small Cap team completed the acquisition of a majority stake in Tarter Farm and Ranch Equipment, which manufactures animal gates and fencing solutions, tractor implements, planters and fire rings, and animal feeding and handling equipment for ranchers, large institutional farms and smaller farming enthusiasts.
Willkie Farr & Gallagher LLP served as legal counsel and Alston & Bird LLP served as financing counsel to Platinum Equity on the HC acquisition.
Lincoln International served as financial advisor to HC on the transaction and Haynes and Boone, LLP served as legal counsel.