Stonewood Capital Management, through a newly formed portfolio company called Huntingdon Fiberglass Products, has acquired the assets of AGY Huntingdon from Owens Corning.
Huntingdon Fiberglass Products (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. Continuous Filament Mat (CFM) is a glass fiber reinforcement product used as an input in the production of flat sheet laminate, marine parts and accessories. CFM increases the mechanical performance, such as stiffness and strength, of products, as well as their resistance to chemicals. Huntingdon Fiberglass Products is based in Huntingdon, PA (www.agy.com).
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 Huntingdon Fiberglass Products. “We are very excited to grow HFP in Huntingdon,” said Mr. Geist. “The environment for growth of our product lines is very positive, and we are keen to quickly take advantage of that.”
Stonewood Capital Management invests in manufacturing, assembly, or distribution businesses that have revenues of $5 million to $60 million and are located in the eastern United States or Canada. The firm is based in Pittsburgh (www.stonewoodcapital.com).
“Stonewood is pleased to announce the closing of this transaction and ready to support HFP’s growth. It is gratifying to invest in a Pennsylvania business and retain and grow employment in the Commonwealth,” said Stonewood President Kenn Moritz.
First National Bank of Pennsylvania provided senior financing in support of Stonewood’s acquisition.
© 2013 PEPD • Private Equity’s Leading News Magazine • 11-8-13
