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Freestone Partners Sells Majority Interest in Houston's Dan-Loc Bolt & Gasket
Houston, TX (PRWeb) March 29, 2007 -- Houston-based private equity firm, Freestone Partners, LLC, recently sold the majority of its interest in Dan-Loc Bolt & Gasket, a Houston-based manufacturer of high-strength bolts and gaskets used in the energy, chemical and construction industries. The buyer was an investment group led by Laud Collier & Company, LLC, based in Chatham, New Jersey and company management. Freestone, along with First Capital Partners of Texas, acquired Dan-Loc in 2002. Terms of the transaction were not disclosed. Freestone will continue to own a minority interest in the company, and Tom Connolly, CEO of Dan-Loc, will continue in his capacity under the new owners.
"Dan-Loc has been an outstanding investment for our limited partners," commented Jim Briggs, Managing Partner of Freestone Partners, LLC. "With Freestone's disciplined process, we were able to successfully collaborate with management over the five years we owned the company. Under the capable leadership of Tom Connolly, Dan-Loc is operating extremely well. We wish the company continued success, and extend our thanks to its skilled and dedicated employees."
About Freestone Partners:
Freestone Partners, LLC is a private equity investment firm with offices in Houston and Atlanta. Freestone seeks investments in companies with annual revenue of $15-$50 million, with a focus on manufacturing, distribution and commercial/industrial services. You can visit them online at http:///www.freestonepartners.com.
About Dan-Loc Bolt & Gasket:
Dan-Loc Bolt & Gasket is a Houston-based, 46-year-old manufacturer of fasteners and high-pressure metal gaskets used by the energy industry. They can be found online at http://www.danloc.com.
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