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ST. LOUIS, AUG. 25, 2004 – JRI Industries, a world leader in solvent-free parts cleaning systems, announced today the successful closing of a recapitalization led by Hadley Capital, LLC. Financial terms of the transaction were not disclosed.
Hadley was joined in the recapitalization by Eagle Fund I, L.P., an SBIC fund managed by Bush O’Donnell Capital Partners, and Southwest Bank of St. Louis.
"We are excited about our partnerships with Hadley, Bush O’Donnell and Southwest Bank of St. Louis. With these partners, JRI is financially positioned to continue adding to our growing list of customers," said Jack Rogers, President and CEO of JRI.
JRI manufactures a broad line of automatic aqueous parts cleaning equipment for automotive and industrial applications. Automatic parts washing systems allow users, with no hand labor, to quickly clean parts (primarily metal) ranging in size from large engine blocks and heavy dies to small components. In the JRI systems, powerful jets blast a solution of biodegradable detergent and heated water from all sides to de-grease and thoroughly clean the dirtiest parts, freeing the technician to perform other tasks.
"JRI is a world leader in the development of aqueous based parts cleaning systems and represents the optimal investment mix for us," said Scott D. Fesler, Principal at Bush O’Donnell Capital Partners. "The JRI management team has significant domain expertise, the company’s services alleviate real pain their customers experience daily, and JRI is a market leader." Mr. Fesler will be joining the company’s Board of Directors.
The company will utilize the new capital to increase its sales and marketing efforts within and beyond the current industry focus. JRI will continue to improve their aqueous based cleaning products in order to improve efficiency, enhance scalability, and increase value to its customers.
About JRI
JRI is the world leader in developing solvent-free parts cleaning systems. JRI applies a proven process to the development of cleaning solutions for its customers. The company manufactures a broad line of automatic aqueous parts washing equipment that can be customized to meet specific customer needs. JRI was founded in 1993 by current President and Chief Executive Officer, Jack Rogers. For additional information, visit the web site at www.jriindustries.com.
About Bush O’Donnell
Bush O'Donnell is a holding company headquartered in St. Louis with interests in Investment Management, Insurance, Manufacturing and private equity investments. Since 1988 its principals have been actively investing in a wide range of publicly and privately owned businesses. One of Bush O’Donnell’s wholly owned subsidiaries, Bush O’Donnell Capital Partners, manages Eagle Fund I, L.P., a Small Business Investment Company with committed capital of $75 million. Eagle Fund invests in the mezzanine debt and equity securities of companies with compelling business plans.
About Hadley Capital
Hadley Capital is a Chicago based private equity firm that invests in or purchases established profitable, smaller, old-economy companies. Hadley Capital frequently works in conjunction with mezzanine providers like Bush O'Donnell.
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