Armory Capital and Mill City acquire Horizon Hobby with management

Horizon Hobby, an international developer, marketer and distributor of radio control hobby products has been acquired by an investor group led by Joe Ambrose, Horizon’s chief executive officer. The investment group includes Armory Capital and Mill City Capital, two investors that have experience with management-led acquisitions. Financial terms were not released.

PRESS RELEASE

Horizon Hobby, Inc., an international developer, marketer and
distributor of radio control (RC) hobby products, model trains and other hobby products,
announced that it has been acquired by an investor group led by Joe Ambrose,
Horizon’s Chief Executive Officer. The investment group includes Armory Capital LLC
and Mill City Capital, L.P., two investors that have deep experience with managementled
acquisitions. Financial terms were not released.
“We are delighted to announce this transaction, which will help us grow and provide
continuity,” said Mr. Ambrose. “Both Armory Capital and Mill City Capital are long-term
investors who are uniquely aligned with Horizon’s culture, core values and
strategy. This transaction will give us a capital structure that will enable us to pursue our
growth strategy well into the future. In addition, Horizon’s current management team will
be retained, which will enable us to continue the successful culture that has been
developed by our founders and dedicated employees.
“We believe that this transaction will be seamless to our retail partners, consumers, and
our vendors. We intend to continue to focus on providing our many hobby enthusiasts
with exciting and innovative hobby products. This acquisition will provide us with the
capabilities to help us grow, ensuring a bright future for our employees.”
About Horizon Hobby, Inc.
Horizon Hobby, Inc. is an international developer, marketer and distributor of radio
control (RC) hobby products, model trains and other hobby products. Horizon employs
over 600 people and sells products in more than 50 countries around the world.
Corporate headquarters, along with the main distribution facility and product service
center, are located in Champaign, Illinois. Additional distribution centers are in Ontario,
California; Harlow, England (site of Horizon Hobby Ltd.); and Elmshorn, Germany (site of
Horizon Hobby GmbH). California is also home to the RC car design center (Corona), a
west coast distribution center in Ontario, and the Athearn model train group (Long
Beach).

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