|[January 10, 2013]
ATI Black Diamond Granules Acquired by U.S. Minerals, a Portfolio Company of Merit Capital Partners
WOODBURY, Minn. --(Business Wire)--
ATI Black Diamond Granules, Inc. ("Black Diamond") announced today that
it has been acquired by U.S. Minerals, Inc. ("U.S. Minerals"), a
portfolio company of Chicago based private equity firm Merit Capital
Partners. The transaction closed on December 14, 2012. Financial terms
of the transaction were not disclosed.
Black Diamond, headquartered in Woodbury, Minnesota, and U.S. Minerals,
headquartered in Dyer, Indiana, both recycle and process coal slag into
roofing shingle granules and sandblasting abrasives. Black Diamond's
President, Bruce Haslerud, believes the strong financial backing and
strategic expertise of U.S. Minerals' management team will prove to be a
great asset to both Black Diamond's employees and its customers. "We are
very excited to combine forces with U.S. Minerals. We look forward to
working together to continue to develop quality products, gain market
share, and continue to provide our customers with superior service."
D.A. Davidson & Co. served as the sole financial advisor on the
transaction. "I am very pleased with the outcome of the process and the
invaluable services the D.A. Davidson team provided," said Mr. Haslerud,
President of Black Diamond. "D.A. Davidson's technical expertise,
negotiating savvy, professionalism, and responsiveness were extremely
helpful in closing this very complex transaction. I highly recommend the
D.A. Davidson team to anyone needing M&A advisory services in the
About ATI Black Diamond Granules, Inc.
Founded in 1979, Black Diamond is a leading manufacturer of roofing
shingle granules and sandblasting abrasives. The primary ingredient of
the Company's products is coal slag, which is a nonhazardous recycled
byproduct of coal burning power plants that hardens and crystalizes when
cooled. The Company's primary customer base includes shingle
manufacturers, fabrication and painting companies, and commercial
construction contractors. Black Diamond's geographic reach includes
markets in Minnesota, Sothern Canada, Iowa, Wisconsin, Indiana, North
and South Dakota, Kansas, Illinois, and Missouri. Further information on
Black Diamond can be found at www.ati-blackdiamond.com.
About U.S. Minerals, Inc.
U.S. Minerals, headquartered in Dyer, Indiana, is a leading recycler and
processor of coal slag. The Company's facilities, located in Baldwin,
Illinois, Coffeen, Illinois, Harvey, Louisiana and Galveston, Texas,
process coal slag from the bottom of power-plant boilers into two
beneficial re-use products: roofing granules and surface-blasting
abrasives. Roofing customers utilize coal slag to produce asphalt
shingles. Abrasives customers, including industrial, petrochemical, oil,
shipping, and railroad companies, use coal slag to remove particles,
like rust and paint, from metal and wood surfaces. Further information
on U.S. Minerals can be found at www.us-minerals.com.
About Merit Capital Partners
Based in Chicago, Merit Capital Partners manages $1.7 billion of capital
through five institutionally-sponsored limited partnerships investing
mezzanine and equity capital in middle-market companies principally in
manufacturing, distribution and services industries. Merit focuses
exclusively on high-quality, established businesses with carefully
conceived operating strategies with a goal of working with committed
owners and strong managers to help increase a company's enterprise value.
Merit Capital Partners typically invests with management teams and
independent sponsors in recapitalizations, acquisitions, management
buyouts, and internal expansions. Merit typically invests between $20
million and $60 million in companies with minimum EBITDA of at least $5
million. Merit Capital Partners was founded in 1993. www.meritcapital.com.
D.A. Davidson & Co.
D.A. Davidson is an employee-owned financial services firm, founded 77
years ago, that serves clients nationwide. D.A. Davidson is part of a
larger corporate entity, Davidson Companies, with $32 billion in client
assets under management and more than 1,100 employees working from
offices in 19 states. D.A. Davidson's Investment Banking Group provides
full-service underwriting and advisory services for mid-size and growing
companies, including public offerings, mergers and acquisitions and
private placements. Further information on D.A. Davidson can be found at www.davidsoncompanies.com/ecm.
Any statements in this news release relating to future events, including
any expected business and financial performance are "forward-looking
statements". Such forward-looking statements are subject to various
factors and uncertainties and are necessarily based upon estimates and
assumptions. Actual events are difficult to predict, and factors and
uncertainties such as financial performance, integration, personnel,
market, economic, legal, and other similar matters may cause actual
results to differ significantly from expectations.
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