2010.05 – Heartland – Website

Heartland Steel Sells Assets to Palm Ventures

Bryant Park Capital is pleased to announce the sale of certain assets of Heartland Steel Products, Inc. to a limited liability corporation formed by Palm Ventures LLC. Heartland is a leading manufacturer of engineered steel racking systems and structural steel tubing based in Marysville, Michigan. Palm Ventures is a family investment firm focused on acquiring middle market companies and partnering with management to produce superior results.

Jim Bradshaw, CEO of Heartland Steel said, “Bryant Park Capital took the time to understand our business and had the vision to see the opportunity to turn the business around. Most importantly, Bryant Park found a very high quality firm in Palm Ventures. Despite the severe recession and related challenges to our business, Bryant Park was able to find a solution that worked for all parties.”

Forbes Burtt, Managing Director of Bryant Park Capital added, “Given the economic times we live in, this was a challenging transaction to close. We were able to utilize an Article 9 foreclosure process to expedite the transaction and found a strong capital partner for Heartland Steel.”

Bryant Park Capital acted as exclusive financial advisor to Heartland Steel in connection with this transaction.