Hynes Industries Acquires American Roll Form Products
YOUNGSTOWN, Ohio – The acquisition of two plants in Painesville and one in Las Vegas enables Hynes Industries to enter new markets with a larger sales force to sell a more diverse product line, says Greg Gyllstrom, CEO and president.
Gyllstrom announced Friday that Hynes has acquired American Roll Form Products of Painesville, a custom metal fabricator founded in 1960. Terms were not disclosed.
“It’s a great way to celebrate our 90th year,” Gyllstrom reflected in a brief phone interview. “It expands our market share and gets us into new market segments.”
American Roll Form, which will be rebranded with the Hynes name, has “particular expertise and strong penetration in the solar market. That, the West Coast location and its large sales force” made the acquisition attractive to Hynes, Gyllstrom says.
Resilience Capital Partners, a Cleveland private equity firm, acquired the majority interest in Hynes last August. The Bresnahan family, which operated Hynes for 50 years, retains a minority stake.
Resilience has invested in more than 40 portfolio companies that employ more than 7,000 people in 14 states and collectively represent over $2 billion in revenues, according to its website.
Gyllstrom came on board in February as CEO of Hynes.
The company, which also operates a plant in Kokomo, Ind., will remain based in Youngstown, he says.
Hynes Industries recently completed a $6.5 million expansion and consolidation of its operations here into the former Wean Building at 3805 Hendricks Road.
Hynes manufactures rolled formed shapes, strip steel and flat wire. American Roll Form provides metal fabrication processes, engineering consulting services, inventory management, assembly and shipping.
Hynes employs 160 in Austintown. The acquisition will add 40 employees to the company’s payroll.
Pictured: Hynes Industries’ plant here.
Copyright 2024 The Business Journal, Youngstown, Ohio.