Matrix Capital Announces the Successful Sale of The Sharon Companies, LTD.
RICHMOND, VA – June 9, 2008 – Matrix Capital Markets Group, Inc. announced today that it has successfully completed the sale of The Sharon Companies, LTD. to Worthington Integrated Building Systems, a subsidiary of Worthington Industries (NYSE:WOR). The Sharon Companies, LTD., established in 1963 and based in Akron, OH, designs and manufactures steel egress stair systems for commercial construction markets. With a national brand, strong management team and experienced sales network, Sharon has experienced significant growth over the last few years and will complement the commercial and framing solutions offered through Worthington Integrated Building Systems. Sharon was previously owned by Willow Grove, PA based Alliance Holdings, Inc., an employee-owned holding company that is organized as an ESOP with diverse industrial holdings. Matrix served as exclusive financial advisor to Alliance Holdings on the transaction.
“This is a great fit for Worthington as we look to bring a package of solutions to the architectural community through our framing system, Dietrich building products and now Sharon Stairs,” said Ralph Roberts, President of Worthington-IBS.
Sharon President Charles J. Rowe, Jr., sees the opportunity to grow the 40-year old business not only through Worthington-IBS channels, but also through other possibilities within Worthington. “We see synergies across the company in the market served and existing customer base, as well as sharing best practices in manufacturing and fabricating. We’re taking two strong brands and bringing them together to maximize our efforts and offer better building solutions for all of our customers,” said Rowe.
Ken Wanko, Director of Acquisitions for Alliance Holdings, added “We are pleased that Sharon will continue its success under the Worthington banner. Through the broad, well-managed process run by Matrix, we were able to identify the most appropriate partner for Sharon’s next phase of growth.”
Mike Morrison, Managing Director and Principal of Matrix, commented, “This transaction allows Chuck Rowe and his team to pursue more aggressive growth under the auspices of a very entrepreneurial parent company like Worthington and provides comfort to Alliance (seller) that its former employees have a secure future. All parties share in a ‘win’ scenario here.” Sharon’s Drop-In Stair system is a pre-engineered, universally recognized solution to conventional site-built stairways serving diverse commercial end markets including, office, hotel, casino, and stadium. The Company employs approximately 180 non-union employees. Visit their website at www.SharonStair.com.
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.