SOUTHLAKE, Texas and SAN ANGELO, Texas – February 8, 2018 – Insight Equity Holdings LLC (“Insight Equity”), a leading middle-market private equity firm, is pleased to announce the sale of its portfolio company, Hirschfeld Industries (“Hirschfeld”), to WWSC Holdings, a subsidiary of Alleghany Capital Corporation.
Headquartered in San Angelo, Texas, Hirschfeld is a fully integrated fabricator of highly engineered structural steel components. The company serves a wide range of end markets including transportation infrastructure, industrial development, commercial construction, and power generation. With ten facilities providing a national presence, Hirschfeld is a major participant in the expansion and redevelopment of the U.S. transportation and energy infrastructure systems, both publicly and privately funded.
“We are very proud of what we have accomplished together with the Hirschfeld management team,” commented Ted Beneski, CEO and Managing Partner of Insight Equity. “Through our collaboration, the Company has rationalized it product offering, expanded its footprint and reinvested significant capital to improve the efficiency of its manufacturing facilities. Hirschfeld has fabricated the steel for some of the most visible projects in the country during our hold period. The list includes the Tappan Zee bridge replacement in New York, Levi’s Stadium in Santa Clara (home of the San Francisco 49ers) and the New Orleans Airport.”
Warren Bonham, Partner at Insight Equity, added, “We enjoy partnering with family-owned businesses like Hirschfeld. Our long-running collaboration with the Hirschfeld family has generated attractive financial returns for all of us while also providing a stable work environment for the Company’s 850 employees. It’s difficult to part with an asset after such a long period of time but we know that the Company will be in good hands with WWSC Holdings.”
Cowen and Company, LLC advised Hirschfeld on the transaction. Hunton & Williams LLP acted as legal counsel to Hirschfeld. Willkie Farr & Gallagher LLP acted as legal counsel to WWSC Holdings.
About Insight Equity
Insight Equity makes control investments in strategically viable, middle-market manufacturing and distribution businesses across a wide range of industries. Leveraging a proven, collaborative value creation model, Insight Equity facilitates operating enhancements and growth. The firm specializes in partnering with companies in complex or challenging situations, including corporate divestitures, management buyouts, aggressive growth opportunities, going-private transactions, restructurings, and transitions from family ownership. Insight Equity is headquartered near the Dallas / Ft. Worth International Airport in Southlake, Texas. The firm also has an office in New York City.