Hamilton Robinson Capital Partners has led a buyout of Spartech Industries Inc., the wheels unit of Spartech Corp. No financial terms were disclosed.
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.”
About Hamilton Robinson Capital Partners
Hamilton Robinson Capital Partners is a leading private equity sponsor with a 20- year history of investing in smaller, middle market companies. The firm has a proven history of growing companies and has financed over $1 billion in transactions. Recent Hamilton Robinson Capital Partners investments include MEGTEC Systems, a leading manufacturer of highly engineered industrial equipment and environmental controls, and Davis-Standard, a supplier to the packaging industry. For more information about Hamilton Robinson Capital Partners, visit their web site at www.hrco.com.