The Resolute Fund with certain additional funds managed by The Jordan Company has completed the sale of Haas Group to Wesco Aircraft Holdings for $550 million in cash, subject to certain post-closing adjustments. Haas is a provider of outsourced chemical supply chain management solutions.
The Resolute Fund, L.P. (“Resolute”), together with certain additional funds managed by The Jordan Company, L.P., today announced that it has completed the sale of 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 post-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.
Harris Williams & Co. acted as exclusive financial advisor to Haas. Mayer Brown LLP acted as legal advisor to Haas and The Jordan Company.
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.
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.