The Resolute Fund and funds managed by The Jordan Company are selling the Haas Group, a provider of outsourced chemical supply chain management solutions, to Wesco Aircraft Holdings for $550 million, subject to certain closing adjustments. Haas is headquartered in West Chester, PA.
The Resolute Fund, L.P. (“Resolute”), together with certain additional funds managed by The Jordan Company, L.P. (“TJC”), today announced that it has entered into a definitive agreement to sell Haas Group Inc. (“Haas”), a fully integrated provider of outsourced chemical supply chain management (“CSCM”) solutions, to Wesco Aircraft Holdings, Inc. (NYSE: WAIR) for $550 million in cash, subject to certain closing adjustments.
Resolute made its initial investment in the growing and underpenetrated CSCM industry with the acquisition of ICMS Holdings, Inc. (d/b/a Avchem) in 2006, and increased its investment in CSCM through the acquisition of four targeted businesses – including Haas TCM Inc. in 2007. The combined entities, which conduct business as Haas, provide global chemical supply chain management and integrated supply solutions for the commercial aerospace, airline, military, energy, and other markets. Haas has 35 distribution centers strategically located around the world, and purchases and manages over 90,000 unique chemicals and products on behalf of its customers. The company generated revenue of $573.5 million in 2012 and employs more than 1,300 people worldwide.
“The Jordan Company has been the ideal partner to help us create an industry leader and expand our footprint across the U.S. and into key vertical industries and international markets,” said Thad Fortin, Chief Executive Officer of Haas. “We have long-term contracts with blue chip customers who value chemical management services because we lower their costs, reduce their chemical use and help them meet regulatory standards.”
In addition to supporting the company’s active strategic and organic growth plans, TJC worked in partnership with the executive team to implement permanent cost savings, including lean manufacturing initiatives, streamlined freight programs, and IT enhancements.
“In partnership with the management team led by Thad Fortin, we have created the world’s pre-eminent independent provider of chemical supply chain management solutions,” said Jonathan F. Boucher, Managing Partner at TJC. “Our Operations Management Group, which has extensive experience and relationships in China, Europe and the Middle East, was instrumental in helping the company expand and capitalize on favorable industry growth dynamics. We are confident that Haas has a bright future as part of Wesco.”
The transaction is expected to close in the first quarter of 2014 and is subject to customary closing conditions. Harris Williams & Co. acted as exclusive financial advisor to Haas. Mayer Brown LLP acted as legal advisor to Haas and TJC.
About The Jordan Company
The Jordan Company, founded in 1982, is a leading middle-market private equity firm with approximately $7 billion of capital under management and a successful track record of investing in and growing businesses across a wide range of industries. The firm’s partners have been investing together for more than two decades, establishing TJC as one of the most experienced and stable investment teams in private equity. The investment team is supported by the firm’s Operations Management Group, which initiates and supports operational improvements in portfolio companies. The firm generates deal flow
through a well-developed network of sourcing relationships. Headquartered in New York, TJC also has
offices in Chicago and Shanghai. For more information, please refer to www.thejordancompany.com.
About Haas Group Inc.
Haas Group Inc. is a leading global provider of CSCM solutions to the commercial aerospace, airline,
military, energy, and other markets. Haas’ services include sourcing and procurement, inspection and
quality assurance, warehousing and inventory management and process control and usage management.
Haas offers a broad array of products, including over 125,000 different stock keeping units and 90,000
unique chemicals from over 5,000 suppliers. Haas is headquartered in West Chester, PA, with over 1,300
employees and 35 distribution hubs and forward stocking locations around the world. For more
information, visit the Haas website at www.haasgroupintl.com.