Code Hennessy & Simmons LLC (“CHS”) today announced the sale of J. Richard Industries, L.P. (“J. Richard”) to PNC Equity Management Corp.

J. Richard is a leading designer, manufacturer and marketer of components and sub-systems used in the material handling and fitness and sports equipment industries. The company is headquartered in Toledo, Ohio and operates through three business units: Portec Flomaster which manufacturers power turn conveyors and other material handling equipment for the airport baggage and warehouse and distribution markets; JRI which manufacturers steel tubing for a variety of applications including treadmill rollers and aluminum bats; and Werner which manufacturers motorized pulleys used primarily in the retail checkout counter market and also in precision treadmill rollers used in high end commercial treadmills.

CHS invested in J. Richard in April 1995. At J. Richard, CHS oversaw the implementation of enterprise-wide systems and controls, invested in human resources to upgrade the capabilities of the management team and expanded the company’s leading market positions through strategic acquisitions. CHS supported J. Richard through the downturn in the material handling industry and negative consequences of 9/11 on the airline industry and positioned J. Richard for a successful sale following the recent recovery in capital investment driven industries.

Tom Formolo, Partner at Code Hennessy & Simmons LLC, said “J. Richard is a market leader in several high growth, niche end markets within the material handling and fitness and sports equipment industries. With a track record of strong profitability throughout economic cycles, I expect J. Richard to continue to generate excellent results.”

CHS is a Chicago-based private equity firm specializing in private equity investments and recapitalizations of middle market companies in partnership with management. CHS has formed five private equity funds and currently manages over $2.5 billion of capital. CHS' made its investment in J. Richard through Code Hennessy & Simmons II, L.P., a $155.0 million investment fund formed in 1994.