Resilience Capital Partners, a private-equity firm based in Cleveland, has announced an investment in Hynes Industries Inc.
The Youngstown-based manufacturing company along with Hynes Kokomo LLC will operate as a newly formed company that will continue under the name of Hynes Industries.
The Bresnahan family, which has owned Hynes Industries for nearly 50 years, will retain a minority ownership stake in the business.
"We welcome the Resilience team to the Hynes family and look forward to this new chapter in the company's long history," board member William J. Bresnahan said in a statement.
Hynes Industries was founded in 1925 as Hynes Steel Products Co. and is a manufacturer of formed shapes, strip steel and flat wire. The company has a diversified base of customers operating within the truck trailer, building and construction products, home and long-term care products and a variety of other markets.
"This Resilience investment will ensure this company, based in Ohio, the heart of the industrial Midwest, will continue to be an industry leader and provide support to its customers as they expand and grow both nationally and internationally," Steven Rosen, co-CEO of Resilience Capital, said in a statement.
Founded in 2001, Resilience Capital Partners operates within the Midwest and Mid-Atlantic regions of the U.S. It targets platform businesses with $25 million to $250 million in revenues, across a broad range of industries, and aims to improve a company's operations, competitive positioning and profitability.
Resilience Capital has invested in 40 companies.
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