KPS acquired Hussey Copper as part of an ongoing monetization process conducted by Zohar III. Hussey Copper is a leading North American processor and fabricator of copper products and the largest North American manufacturer of copper bus bar. The company offers a comprehensive range of high-quality copper products used in electrical, industrial and construction applications.
Ryan Harrison, a partner of KPS Mid-Cap Investments, said, "We are very excited to acquire Hussey Copper, a market leader with best-in-class manufacturing capabilities, product offering, quality and customer service. We look forward to working with chief executive officer John Harrington, Hussey Copper's management team and employees to build on this great platform. Hussey Copper's strong brand and manufacturing expertise, combined with access to KPS' strategic, operational and financial resources, provide an ideal foundation for future growth. We intend to drive the company's growth both organically and through strategic acquisitions."
The United States Bankruptcy Court for the District of Delaware formally approved the transaction on November 30, 2020. Hussey Copper is the third acquisition completed by the KPS Special Situations Mid-Cap Fund. Financial terms of the transaction were not disclosed. Hussey Copper is headquartered in Leetsdale, Pennsylvania, with three manufacturing facilities across the United States.
John Harrington, chief executive officer of Hussey Copper, commented, "The entire Hussey Copper team is excited to partner with KPS in this next phase of growth. KPS' tremendous track record of manufacturing excellence and investing in leading metals companies will position Hussey Copper for continued success over the long-term. We plan to work closely with KPS to develop a range of growth and operational initiatives to build upon our long and successful history."
Locke Lord LLP served as legal counsel to KPS and its affiliates with respect to the transaction. Lazard Middle Market LLC served as financial advisor and Latham & Watkins LLP served as legal counsel to Hussey Copper with respect to the transaction. For more information, visit www.husseycopper.com.