HRCP Investment:
Maloney Industries Inc.
  HRCo was selected by an elderly owner of this Calgary-based engineered systems company to back management in a buyout of the business in late 1995. As the business had become larger, more international, and required greater financial exposure to the owner he decided to sell and hired a Philadelphia advisor to help with the sale process.

HRCo provided the seller with a competitive value for the business, backed management with significant equity incentive and a well capitalized balance sheet, and encouraged the continued international expansion of the business. HRCo brought significant equity co-investment and mezzanine finance dollars to the transaction from its limited partners. Maloney grew revenues and earnings with new enthusiasm from the management owners and in 1997 acquired Burnett & Lewis Ltd. of West Midlands, England in a highly complementary product, people, and geographic fit. The business merged with the TH Russell Co. of Tulsa OK in 1998 in another highly complimentary fit and was renamed Applied Process Solutions Inc. A large public company bought APSI in 2000 in a strategic move that satisfied management and investor goals.

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