Business
Hillman Announces Directors from Private Equity Firm Step Down from Board Following Final Share Sale
CINCINNATI, May 12, 2023 (GLOBE NEWSWIRE) -- Hillman Solutions Corp. (Nasdaq: HLMN) (the “Company” or “Hillman”), a leading provider of hardware products and
About this update from Hillman Solutions Corp.
[{"type":"text","content":"CINCINNATI, May 12, 2023 (GLOBE NEWSWIRE) -- Hillman Solutions Corp. (Nasdaq: HLMN) (the “Company” or “Hillman”), a leading provider of hardware products and merchandising solutions, announced that Joseph Scharfenberger, Jr., Co-Managing Partner of CCMP Capital (“CCMP”), and Richard Zannino, Managing Director of CCMP, have stepped down from Hillman’s board of directors, effective May 11, 2023. The change follows CCMP, a private equity firm, exiting its position in Hillman’s stock through a secondary offering, which is expected to close on May 15, 2023. During the offering, CCMP sold its remaining 22,455,000 shares and is no longer a shareholder. Since CCMP’s initial investment in Hillman in 2014, sales have doubled to approximately $1.5 billion in 2022. During their time as owners, CCMP made meaningful investments into Hillman’s high-margin Robotics & Digital business and distribution network, allowing Hillman to provide best-in-class services to its blue-chip customer base. Hillman’s Chairman and CEO Doug Cahill commented, “We are a better company today because of the leadership that Joe and Rich provided the management team over the past nine years. We are grateful for the support and investments from CCMP, which were vital to our growth and success. We look forward to continuing to build on our legacy of best-in-class customer service as well as our long-term track record of growth.” Following the changes, the Hillman Board of Directors consists of eight board members, seven of which are independent. About HillmanFounded in 1964 and headquartered in Cincinnati, Ohio, Hillman is a leading North American provider of complete hardware solutions, delivered with industry best customer service to over 40,000 locations. Hillman designs innovative product and merchandising solutions for complex categories that deliver an outstanding customer experience to home improvement centers, mass merchants, national and regional hardware stores, pet supply stores, and OEM & Industrial customers. Leveraging a world-class distribution and sales network, Hillman delivers a “small business” experience with “big business” efficiency. For more information on Hillman, visit www.hillmangroup.com. Forward Looking StatementsAll statements made in this press release that are consider to be forward-looking are made in good faith by the Company and are inte...