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Monday, June 30, 2008

HIG close to Shapes takeover

  UPDATED 7/1: HIG Capital, Miami, is scheduled to clinch the sale of Shapes/Arch Holdings LLC at a hearing on July 8, said J. Scott Victor, senior managing director and co-head of the Special Situations Group at National City Investment Banking, West Conshohocken, which is overseeing the sale. The closing will follow later in July.
  HIG agreed to pay $31.5 million and take over Shape’s $60 million bank debt to CIT Group and other lenders. That beat an earlier $26 million offer by Versa Capital Management Inc. of Philadelphia. Shapes been owned by the Kendall family and management.
  Teamsters Local 627 and other Shapes unions agreed that Shapes will stop funding the workers’ pension plan, said Victor.    
  HIG has been buying up aluminum extruders around the country. In 2005 HIG bought Signature Aluminum, Greenville, Pa. In 2006 it added Temroc Metals Inc., Hamel, Minn., and Atlantic Aluminum LLC, Lumber Bridge, N. Car.

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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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