Pittsburgh-based private equity firm Stonewood Capital Management has closed its buy of AGY Huntingdon, which will now be known as Huntingdon Fiberglass Products. No financial terms were disclosed. First National Bank of Pennsylvania provided financing to Stonewood to support the acquisition. Also, Paul Geist has been named president of HFP, which will remain based in Huntingdon, Pennsylvania.
PITTSBURGH–(BUSINESS WIRE)–Stonewood Capital Management, Inc., a Pittsburgh-based private equity group, announced today that Stonewood has completed the acquisition of the assets of AGY Huntingdon, LLC in Huntingdon, Pennsylvania. Stonewood’s new portfolio company, Huntingdon Fiberglass Products, LLC (HFP), purchased the continuous filament mat business as well as the wound products and conductive rovings product lines which had been manufactured by AGY at its Huntingdon facility. HFP will continue these operations at Huntingdon and is looking to expand production quickly to accommodate increasing demand for HFP’s product lines.
Paul Geist, former manager of the Huntingdon plant when it was owned by Owens Corning, has partnered with Stonewood in the acquisition and will become President of HFP.
“We are very excited to grow HFP in Huntingdon,” Geist said. Geist also stated that “the environment for growth of our product lines is very positive, and we are keen to quickly take advantage of that.”
Stonewood President Kenn Moritz said that “Stonewood is pleased to announce the closing of this transaction and ready to support HFP’s growth.” Moritz stated that “it is gratifying to invest in a Pennsylvania business and retain and grow employment in the Commonwealth.”
First National Bank of Pennsylvania provided senior financing in support of Stonewood’s acquisition.
For more information on Stonewood Capital Management, visit www.stonewoodcapital.com or contact Kenn Moritz, President, at 412-391-0300.