Harvest Partners, LLC, a New York-based private equity investment firm specializing in management buyouts and growth financings of middle-market companies announced 23 October 2007 that it closed the …
Harvest Partners, LLC, a New York-based private equity investment firm specializing in management buyouts and growth financings of middle-market companies announced 23 October 2007 that it closed the sale of U.S. Silica Company to an affiliate of Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, L.P.. The transaction was announced in mid-September 2007. Harvest, in conjunction with U.S. Silica“s management team, acquired U.S. Silica in August 2007. Headquartered in Berkeley Springs, West Virginia, U.S. Silica is a leading producer of industrial silica sand, with 13 facilities in 13 states stretching from the East Coast to Texas. U.S. Silica mines, processes and sells unground, ground and fine ground silica, aplite and calcined kaolin clay. The company has been in the industrial silica business for over 90 years and enjoys strong relationships with its key customers averaging over 40 years. Michael B. DeFlorio, senior managing director at Harvest Partners stated, “While our ownership period for U.S. Silica was shorter than we expected, Harbinger“s unsolicited offer for the Company was quite compelling. We“re confident that the Company“s CEO, John Ulizio, and his management team will continue their successful track record in the industrial silica industry”. Michael J. Cardito, principal at Harvest Partners added, “Harbinger delivered on each aspect of the proposal they put forth. The result was a highly attractive transaction for management and Harvest. We are confident that John and his team will continue to create value for their new owner as they did for Harvest”.