LUDINGTON, Mich., May 10, 2010 /PRNewswire via COMTEX/ -- SRS Industries LLC ("SRS") and ORB Capital Advisors LLC ("ORB Capital") announced today that SRS completed the asset acquisition of Whitehall Industries Inc. ("Whitehall"), a leading manufacturer of aluminum extrusions based in Ludington, Michigan, on May 7, 2010. Whitehall sells high-quality, high precision aluminum extrusions and machined/fabricated components and has long been recognized for its strong manufacturing capabilities.
Yogen Rahangdale and Oneal Bhambani, President of ORB Capital, led the transaction for SRS. Upon the consummation of the transaction, Mr. Rahangdale became Whitehall's Chief Executive Officer and Mr. Bhambani was appointed to serve as Senior Advisor to the Board of Directors. David Cooper will continue to serve as Whitehall's Chief Operating Officer.
Prior to founding SRS, Mr. Rahangdale served in a number of executive roles with American Axle Manufacturing Inc. ("American Axle"), a leading global automotive supplier with annual revenue of approximately $2 billion. During his 14 years at American Axle, Mr. Rahangdale served as President, Chief Operating Officer, Vice Chairman and Chief Technology Officer.
Mr. Rahangdale commented, "We were attracted to Whitehall's leading position in the automotive market, highly skilled workforce, broad portfolio of high-quality products and production capabilities. Its long successful history and well-established brand are very impressive, and will serve as a solid foundation for growth within its current customer base as well as attracting new customers and expansion into new markets." ComVest Capital provided debt financing for the transaction. ORB Capital served as financial advisor to SRS.
About Whitehall For over thirty years, Whitehall Industries, Inc. has been an independent leading supplier of high quality, cost effective precision aluminum extrusions and machined / fabricated components. Whitehall services customers needs from a more simple profile to the more intricate, precision profiles with extensive machining, fabricating and assembly requirements. Whitehall has designed and manufactured a large portfolio of component parts for product applications for use in automotive applications, business machines, consumer goods & equipment, medical products, architectural lighting, and sporting goods.
About SRS Industries LLC Founded and owned by Yogen Rahangdale, SRS Industries LLC is a privately held investment company, which primarily concentrates in the industrial and automotive industries.
RELATED LINKS www.whitehallindustries.com SOURCE Whitehall Industries, Inc.
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