Pennsauken, NJ (PRWEB) August 10, 2008
Shapes/Arch Holdings, LLC and its businesses Aluminum Shapes LLC, Delair LLC, Ultra Hardware LLC and Accu-Weld LLC (collectively, the "Company"), a leading supplier of a range of industrial and building products based in Pennsauken, New Jersey, exited from Chapter 11 protection on Friday, August 8. An affiliate of H.I.G. Capital, a leading global private equity firm, is the owner of the Company and had provided debtor-in possession financing to and been the plan sponsor for the Company since May 8, 2008. Wells Fargo Foothill, part of Wells Fargo & Company (NYSE: WFC), has provided the company with a $65 million senior secured facility.
"Today we debut as a more efficient and fully recapitalized company armed with a rekindled commitment to servicing our customers with world class products and services," stated Steven S. Grabell, the Company's Chief Executive Officer. Paul Sorensen, Jr, the Company's Chief Financial Officer added that, "We look forward to our partnership with H.I.G. and Signature with the financial support of Wells Fargo Foothill."
An affiliate of H.I.G. Capital is also the owner of Signature Aluminum (see http://www.signaturealuminum.com), a leading provider of custom aluminum extrusions and alloyed aluminum billet to customers throughout North America. Aluminum Shapes and Signature Aluminum, when combined, represent the fourth largest extruder and remelter in North America.
Shapes/Arch Holdings, LLC, through its operating subsidiaries, is a manufacturer and distributor of a wide array of customized aluminum extrusions (see http://www.shapesllc.com), aluminum fence systems and swimming pools (see http://www.delairgroup.com), vinyl residential replacement windows and steel doors (see http://www.accuweld.com) and value priced hardware products (see http://www.ultrahardware.com).
About H.I.G. Capital:
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed manufacturing or service businesses. H.I.G. invested in and managed more than 200 companies worldwide. The firm's current portfolio includes companies with combined revenues in excess of $7 billion. For more information, please refer to the website at http://www.higcapital.com.
About Wells Fargo Foothill:
Wells Fargo Foothill is a leading provider of senior secured financing to middle-market companies across the United States and Canada, offering flexible, innovative credit facilities from $10 million to $1 billion and more. It is part of Wells Fargo & Company, a diversified financial services company with $609 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from almost 6,000 stores and the Internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of two banks worldwide, to have the highest possible credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA." For more information, visit Wells Fargo Foothill on the Internet at http://www.wellsfargofoothill.com.
Steven S. Grabell, Chief Executive Officer
Frank Papa, Chairman and CEO
Sean Ozbolt & Craig Kahler