Crossplane Capital Acquires Hynes Industries
YOUNGSTOWN, Ohio – Hynes Industries announced this week it has been acquired by Crossplane Capital, a Dallas-based private equity firm.
“Throughout its history, Hynes Industries has built a legacy of absolute reliability,” Hynes CEO Rick Organ said in a news release. “Partnering with Crossplane enables us to build upon and accelerate our ongoing investment into our mission, people, processes and equipment. We are also able to advance our commitment to deliver even greater value to our partners and the communities we call home as we look forward to the next century of excellence.”
Michael Bertrand, Crossplane vice president, reported along with Hyne’s current leadership team that Crossplane plans to support Hynes’ future growth, expand capacity and promote new capabilities that will allow it to continue to be a seamless manufacturing partner for customers.
Brown Gibbons Lang & Co.’s Metals & Advanced Metals Manufacturing team served as the exclusive financial advisor to Hynes in the transaction. The amount of the deal was not disclosed.
Founded in 1925 and headquartered in Youngstown, Hynes is a leading manufacturer of precision-engineered roll formed metal parts and assemblies for a market including automated material handling, truck trailer, solar and general industrial.
Hynes has additional manufacturing facilities in Painesville, Ohio, and Kokomo, Indiana, with more than 500,000 square feet of manufacturing space and 75 roll form mills.
“Hynes has been an economic engine for the Youngstown community for almost 100 years,” said Brian Hegi, Crossplane Capital managing partner. “We are thrilled to partner with Rick Organ, Hynes’s leadership team and its talented employees to support transformational growth and to continue being an employer of choice in the Youngstown, Painesville and Kokomo communities.”
Published by The Business Journal, Youngstown, Ohio.