SOURCE: Charlesbank Capital Partners

August 20, 2007 15:53 ET

Charlesbank Capital Partners Recapitalizes The Horn Companies

BOSTON, MA--(Marketwire - August 20, 2007) - Charlesbank Capital Partners announces its investment in and recapitalization of The Horn Companies, a leading provider of specialized maintenance and installation services focused on the power and refinery industries. Term financing was provided by GSO Capital Partners and funds managed by Oak Hill Advisors, with Wells Fargo providing the revolver. Management also invested in the transaction. Terms of the transaction were not disclosed.

Horn offers both fully outsourced and on-call maintenance services, and the fabrication and installation of equipment for environmental compliance projects as well as for plant extensions, upgrades and new builds. Horn's diverse customer base includes plant operators, industrial contractors and equipment OEMs. Founded in 1978 and headquartered in Owensboro, KY, the company services these customers through three separate divisions operating nationwide.

"Horn is a clear market leader with a reputation for excellence and a very talented management team," says Michael Choe, Managing Director, Charlesbank Capital Partners. "Horn's success to date is truly a credit to its management, and we are pleased to partner with them to help Horn capitalize on its potential and continue to grow this exceptional company."

"We are extremely excited about our growth prospects, and are thrilled to be investing alongside Charlesbank to strengthen our leadership in the industry," says founder and CEO Mike Horn. "We believe Charlesbank will be an ideal partner for us and our team of employees, as they fully appreciate the importance of the high quality, safety and efficiency we have always delivered to our customers."

About Charlesbank

With offices in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing approximately $1.5 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $25 million to $100 million per transaction in companies with enterprise values of $50 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth. Charlesbank is currently investing through Charlesbank Equity Fund VI, a $900 million fund. For more information, visit www.charlesbank.com.

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