Harvest Partners, LLC, a New York-based private equity investment firm specializing in management buyouts and growth financings of middle-market companies, announced 19 September 2007 that its managed…
Harvest Partners, LLC, a New York-based private equity investment firm specializing in management buyouts and growth financings of middle-market companies, announced 19 September 2007 that its managed entities have signed a definitive agreement to sell U.S. Silica Company to an affiliate of Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, L.P., New York-based investment funds. The transaction is subject to necessary governmental approvals. Headquartered in Berkeley Springs, West Virginia, U.S. Silica is a leading producer of industrial silica sand, with 13 facilities in 13 states 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 sand 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, “Since our introduction to U.S. Silica and our subsequent partnership with management to acquire the company, we have been extremely impressed with the company“s CEO, John Ulizio, his team and their deep knowledge of the industrial silica industry. We are confident that John and his team will continue to create value for their new owner”. Michael J. Cardito, principal at Harvest Partners, added, “Based on our original investment thesis in acquiring U.S. Silica and Harvest“s and management“s goals for the business, the Harbinger transaction is a win for all parties involved”. Tanvi R. Desai, associate, was also a member of the Harvest Partners investment team. John A. Ulizio, chief executive officer of U.S. Silica, said, “We have enjoyed working with the Harvest Partners team and, while we are pleased with this outcome, we remain committed to growing and strengthening U.S. Silica and look forward to working with Harbinger”.