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FOR IMMEDIATE RELEASE
Contact Information:
Christopher G. Hanssens
Managing Partner
(267) 238-4218
Eureka Growth Capital Sells Equity Interest in C/G Electrodes, LLC
Philadelphia, PA,
January 9, 2006 -
Eureka Growth Capital (“Eureka”) today announced the sale of its equity position in C/G Electrodes, LLC (“CGE”). CGE purchased Eureka’s equity position in a recapitalization that closed on December 27, 2005.
CGE is a manufacturer of premium graphite electrodes that are used as conductors of electricity to generate heat well above 5,000 degrees Fahrenheit during electric arc furnace steel production. Eureka partnered with senior management and other investing members of CGE’s Board to finance the May 2003 acquisition of the St. Marys, PA facility and related electrode manufacturing assets of The Carbide/Graphite Group.
“Eureka understood our business plan and helped us resurrect a world-class manufacturing company that now employs 150 wonderful and dedicated people supplying the highest quality products to customers throughout the United States and abroad,” said Nathan Milikowsky, Chairman of C/G Electrodes. “Eureka advised management and the Board in all strategic discussions. As C/G performed beyond all of our expectations, C/G and Eureka recognized a win-win opportunity for management to own 100% of C/G while returning to Eureka more than 5 times their original investment in two and a half years. We at C/G look forward to the possibility of working with Eureka again in the future.”
“We are very pleased to be a part of the growth of C/G Electrodes from a plant restart into a world-class manufacturer,” said Chris Hanssens, Partner with Eureka Growth Capital. “The exceptional management team at C/G Electrodes, led by Nathan Milikowsky, David Jardini and Norman Struble, executed on every aspect of the strategic plan and created an environment for shared success that could be a model for businesses ten times their size. With the help of a dedicated work-force, C/G’s management created a domestic manufacturing facility that produces a higher quality product at a lower cost than their larger competitors with off-shore manufacturing.”
About Eureka Growth Capital
Eureka Growth Capital is a private equity firm providing capital and trusted counsel in partnership with proven managers to drive the growth of promising companies into outstanding enterprises. Eureka is committed to supporting exceptional management teams of businesses with $10 million to $75 million in revenue. Eureka leads buyouts that bring significant ownership to the managers driving the success of the business as well as minority recapitalizations with flexible investment structures designed to uniquely meet the needs of the company, its management team and other shareholders. More information about Eureka Growth Capital can be found at www.eurekagrowth.com.
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3420 BELL ATLANTIC TOWER, 1717 ARCH STREET,
PHILADELPHIA, PA 19103
PHONE (267) 238-4200 FAX (267) 238-4201
WWW.EUREKAGROWTH.COM
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