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Portfolio Paulin-Hillman-Oak Hill

Published on December 18th, 2012 | by Ted Liu


Oak Hill Capital Partners/Hillman to acquire H. Paulin & Co. for $103 million

The Hillman Companies Inc. (Amex: HLM.Pr) has agreed to acquire H. Paulin & Co., Limited (TSX: PAP.A) at CDN $27.60 per share fora total enterprise value of approximately CDN $103 million.

The transaction is expected to close in the first quarter of 2013. Upon closing, Richard Paulin, will continue as President of H. Paulin, a division of Hillman Canada.

“We began our operations in Canada in 2002, when we opened our Mississauga facility. We have greatly admired the strong distribution system, high quality products, and excellent customer relationships that Paulin has developed. Under Richard’s leadership, we look forward to implementing the best practices of Paulin and Hillman to better serve customers and to grow the combined operations throughout Canada,” said Max W. (Mick) Hillman, Jr., CEO of Hillman.

Barclays is acting as financial advisor to Hillman in connection with the transaction and is providing committed debt financing. Stikeman Elliot LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are acting as legal counsel to Hillman.

Goodmans LLP is acting as legal counsel to Paulin. Ernst & Young LLP is acting as financial advisor and McCarthy Tétrault LLP is acting as legal counsel to the Special Committee of the board of directors of Paulin.

Founded in 1920, Toronto based H. Paulin & Co. is a leading Canadian distributor and manufacturer of fasteners, fluid system products, automotive parts and retail hardware components. Annual revenues of Paulin for 2011 were approximately CDN $139 million.

Founded in 1964, Cincinnati, Ohio based Hillman is a leading value-added distributor of approximately 80,000 SKUs, consisting of fasteners, key duplication systems, engraved tags and related hardware items.

On May 28, 2010, Oak Hill Capital Partners and Hillman’s management acquired Hillman for Code Hennessy & Simmons LLC, Ontario Teacher’s Pension Plan, and HarbourVest Partners for $832.7 million.

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About the Author

Ted is an editor of CVCA News and Research Director for CVCA - Canadian Venture Capital & Private Equity Association. Ted has been following Canadian venture capital and private equity industry since 1993.

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