Public Press Release
SOUTHLAKE, TEXAS, and SAN ANGELO, TEXAS, June 26, 2009 – Insight Equity Holdings LLC (“Insight”), the Dallas, Texas-area private equity firm, has completed the recapitalization of Hirschfeld Industries with LBC Capital Partners in conjunction with the incumbent lenders, Bank of America and Wells Fargo Business Credit. Proceeds of the recapitalization will be used to finance a recently executed JV agreement with Martifer Energy Systems to manufacture wind towers in the United States as well as provide a dividend to the equity holders. Ted Beneski, CEO and Managing Partner of Insight Equity commented, “We might be the only dividend recapitalization concluded in June 2009, and we are proud of the accomplishments of the superior management team of Hirschfeld who have driven the tremendous success of the company that enabled this dividend recapitalization.” In commenting on the proceeds to be utilized for the JV with Martifer, Victor Vescovo, COO and Managing Partner of Insight Equity, commented, “We believe that a JV in the wind tower manufacturing business with Martifer will take Hirschfeld Industries to the next level. We are excited to begin manufacturing towers and increase Hirschfeld’s focus on green energy alternatives.”
About Hirschfeld Industries
Headquartered in San Angelo, Texas, Hirschfeld Industries is one of the largest fully integrated fabricators of highly engineered structural steel components in North America. Fabricating more than 100,000 tons of steel annually, Hirschfeld serves a wide range of end markets including transportation infrastructure, industrial development, commercial construction and power generation. With eleven facilities providing a national presence and industry-leading footprint, the company is a major participant in the expansion and re-development of the U.S. transportation and energy infrastructure systems, both government-funded and private enterprises.
About Martifer Energy Systems
Martifer Energy Systems, based in Oliveira de Frades, Portugal, has extensive experience in wind towers. Through various manufacturing units it produces towers, coverings and gearboxes for wind turbines. Martifer Energy also builds wind farms for third parties. Martifer Energy Systems is part of the Martifer Group, with activity in metallic construction, energy systems, electricity generation and biofuels.
About Insight Equity
Insight Equity (www.insightequity.com) makes controlling investments in strategically viable, middle market, asset intensive companies across a wide range of industries. Insight specializes in partnering with companies experiencing some level of underperformance. Insight also seeks complex and challenging situations, including corporate divestitures, bankruptcies, restructurings, and private family ownership. The firm leverages a proven collaborative value creation model to facilitate operational enhancements and growth.