NewBold Corporation Acquires National Service Center from Illinois Tool Works (ITW).
ROCKY MOUNT VA – NewBold Corporation, an international provider of products and services enabling the implementation of identification and technology solutions, is pleased to announce its acquisition of National Service Center in Greenville, SC from Illinois Tool Works Inc.
National Service Center (NSC) was established in Greenville, SC in 1995 and specializes in the delivery of Point-of-Sale services to multi-unit retail and restaurant operators. NSC offers nationwide field repair, along with management and professional services for point-of-sale, digital signage, label printers, and a variety of other in-store IT technologies. NSC is the only national company focused exclusively on providing technology services to the multi-unit restaurant industry. NSC is a full-service solutions provider that offers customers in virtually every vertical market the ability to improve their efficiencies.
“We are extremely excited about this strategic acquisition for NewBold Corporation. The synergies between the two companies was a key factor in our decision to acquire National Service Center. With this acquisition, NewBold is able to broaden its current customer base and enter new growth verticals. We are looking forward to the integration of these two companies and are excited to welcome the National Service Center Team to NewBold”, stated NewBold Corporation President and CEO Keith Howerin
Kenn Moritz, President of Stonewood Capital Management, Inc., the Pittsburgh-based private equity firm which owns NewBold, stated that “We strongly believe in the direction that NewBold is taking with its acquisition of NSC. This business combination positions NewBold as a national leader in Point-of-Sale related services and allows for the scale and growth that we expect for our business.”
About NewBold Corporation: NewBold, founded in 1994 is a leading North American manufacturer of plastic cards, metal plate embossers, and card imprinters. Their NewBold Technologies division is a Managed Services Provider (MSP) specializing in Point-of-Sale systems and other in-store retail technologies. NewBold Technologies provides consulting, staging, deployment, training, maintenance, and operates a multilingual 24/7 call center and help desk.
About Stonewood Capital: Stonewood Capital Management, Inc. is a Pittsburgh-based private equity firm seeking investment opportunities primarily with manufacturing, assembly, or business service companies with revenues from $5 to $50 million. Stonewood Capital currently holds operating companies in five states generating annual revenues of $100 million.
Stonewood Capital Management, Inc., a Pittsburgh-based private equity firm, announced today that its affiliate has sold PCN Network, LLC, a leading provider of closing services for mortgage transactions, to First American Mortgage Solutions, LLC, an affiliate of First American Financial Corporation. Terms of the transaction were not disclosed.
J. Kenneth Moritz, President of Stonewood Capital, stated that “In exiting our investment in PCN, we have found a natural partner to continue to accelerate the Company’s expected growth. We are excited for the Company and its management and employees as they go forward.”
About Stonewood Capital: Stonewood Capital Management, Inc. is a Pittsburgh-based private equity firm seeking investment opportunities primarily with manufacturing, assembly, or distribution companies with sales from $5 to $50 million.
Stonewood Capital Management, Inc. is pleased to announce that two of its global composites portfolio companies, Huntingdon Fiberglass Products, LLC in Huntingdon, Pennsylvania, a manufacturer of continuous filament mat, and Superior Composites Co., LLC in Vanceburg, Kentucky, a manufacturer fiberglass-based composite materials, are being consolidated and will operate as one company to be called Superior Huntingdon Composites, LLC.
Superior Huntingdon Composites will be uniquely positioned to provide the global composites market with the most comprehensive offering of glass reinforced continuous filament mat and veil material solutions available to customers today. The product offerings are used in the construction, automotive, transportation, power and energy, corrosion, wind energy, marine and other industries.
Kenn Moritz, President of Stonewood Capital, indicated that “This combination will leverage the collective talent and resources of the respective businesses to benefit global customers of both businesses and provide a more robust platform for future growth.”
Jason Takac will serve as President of the consolidated businesses and Kyle Frank will serve as the Chief Operation Officer.
Mr. Takac previously served as the Chief Operating Officer of Superior Composites. Mr. Takac has also held management positions at Jushi USA, Owens Corning and AGY Holding Corporation.
Mr. Frank previously served as the Vice President of Operations at Huntingdon Fiberglass Products, and also held operating management positions at AGY Holding Corporation and Murata Electronics.
“This consolidation represents the next step on our path to providing the global composites market with best of breed materials and service,” stated Jason Takac, President of Superior Huntingdon Composites. “We recently completed a multi-million dollar expansion in Vanceburg, KY, and we will continue to leverage our organizational resources in order to innovate on behalf of our customers worldwide.”
About Stonewood Capital: Stonewood Capital Management, Inc. is a Pittsburgh-based private equity firm making investments in profitable operating companies with revenues from $5 million to $50 million. Much of Stonewood Capital’s portfolio consists of industrial companies, but Stonewood Capital has also invested in software and business services companies.
Stonewood Capital Management, Inc., a Pittsburgh-based private equity firm, announced today that its affiliate has acquired SinterMet, LLC, a leading manufacturer of tungsten carbide rolls and other products for rod and bar mills located throughout the world. Stonewood partnered with SinterMet management in the acquisition of the company from Hitachi Metals America, Ltd. SinterMet is located in Kittanning, PA.
J. Kenneth Moritz, President of Stonewood Capital, stated that “SinterMet is a very high quality manufacturing operation with a broad customer base, and we are very excited to have partnered with Paul C. Fleiner, SinterMet’s Chief Executive Officer, and his team. We are eager to assist the company in the execution of its strategies for continued growth.”
Paul Fleiner stated that “it was great to work with Kenn Moritz, Pete Muth, John Tippins, and the group that Stonewood Capital put together for the transaction. They have industry knowledge and bring significant management and financial resources to the table for our company.”
About Stonewood Capital: Stonewood Capital Management, Inc. is a Pittsburgh-based private equity firm seeking investment opportunities primarily with manufacturing, assembly, or distribution companies with sales from $5 to $50 million. Stonewood Capital currently holds eight operating companies in five states generating annual revenues of over $100 million.
Huntington National Bank provided a senior lending facility to support the acquisition, and Stonewood Capital was represented in the transaction by Reed Smith LLP.
Stonewood Capital Management, Inc. is pleased to announce the purchase of the composites business of Superior Fibers, LLC by Stonewood’s newly formed affiliate Superior Composites Co., LLC.
Superior Composites, headquartered in Vanceburg, KY, is a worldwide leader in the manufacture of fiberglass composite mats and veils used in construction, automotive, electrical, boat building and other applications.
Peter Muth, Senior Vice President of Stonewood Capital, indicated that “Superior Composites adds significant value to its customers and is a go-to supplier in the markets that it serves. We believe that Superior Composites enhances Stonewood’s position in composites manufacturing by offering important synergies with our existing investment in Huntingdon Fiberglass Products, and we expect that the customers of both companies will see benefits from the acquisition.”
First National Bank of Pennsylvania provided the senior financing for the transaction, and ReedSmith LLC advised Stonewood on the acquisition.
Stonewood Capital Management, Inc., a Pittsburgh-based private equity group, is pleased to announce that its affiliate has purchased the assets of PCN Network, Inc. (“PCN”). PCN is headquartered in Pittsburgh and provides services to lenders, title insurance underwriters and title agents in connection with real estate mortgage transactions. PCN’s senior management has partnered with Stonewood in the acquisition and will continue to lead the company in the growth of its business and the pursuit of new product lines. PCN’s previous shareholders will also continue to hold a minority stake in the business.
Stonewood was supported in the acquisition by First Niagara National Bank, Pittsburgh, PA, the senior lender to the transaction, and Patriot Capital of Baltimore, MD, which provided subordinated debt and participated in the equity investment. Stonewood was assisted in the transaction by Reed Smith LLP.
It’s been close to five months since the AGY Huntingdon plant was recently sold to Huntingdon Fiberglass products and in that time the new company was able to make a major announcement about creating jobs.
Stonewood Capital Management, Inc., through its investment affiliate and SBC Equity Partners, LP, has partnered with company management to buy the assets of C-K Composites, Inc. of Mount Pleasant, PA. The new company name is C-K Composites Co., LLC.
C-K Composites is a recognized leader in the manufacture of composites including, fiberglass, epoxy and wood insulation products for the power, natural gas transmission, medical device and defense industries. Allan Bartek, P.E., with over 38 years’ experience in the composites and electric power industries, is President of C-K Composites and participated in the buy-out . “Our company is positioned in areas ripe for growth, and we are very excited about the future,” said Bartek. “With Stonewood Capital behind us, we will have the resources necessary to take C-K Composites to the next level.”
First National Bank of Pennsylvania provided senior financing in support of the acquisition.
C-K Composites, Inc. was formed in 1985 from the buy-out of the assets of the former Permali, Inc. and has 60 employees in its Mount Pleasant facility.
About Stonewood Capital Management, Inc.
Stonewood Capital is a Pittsburgh-based private equity firm seeking investment opportunities primarily with manufacturing, assembly, or distribution companies with sales from $5 to $50 million. Stonewood Capital’s executives have experience with many types of transactions, but specialize in making acquisitions in partnership with experienced management teams. The managers supply the business skills necessary to move the company forward, and Stonewood Capital adds value by helping craft strategies for growth and margin improvement as well as assisting management teams with legal and financial issues that arise in the business.
Kenn Moritz, President of Stonewood Capital, and Peter Muth, Vice President, led the Stonewood Capital investment in CK Composites Co., LLC.
Pittsburgh-based McKnight Capital Partners has sold its majority stake in Rita’s Water Ice Franchise Co. to New York private equity firm Falconhead Capital LLC. Financial terms of the deal weren’t announced.