National Product Services to Acquire Huffy Services Solutions
Miamisburg, Ohio – April 13, 2004- Huffy Corporation (NYSE: HUF) today announced that is has signed a definitive agreement for the sale of its services to retail segment, which includes Huffy Service Solutions, Creative Retail Services and Creative Retail Services (Canada) to National Product Services Inc., a portfolio company of H.I.G. Capital, LLC. Under the terms of the agreement, National Product Services will acquire all of the assets, trademarks, other intellectual property, and equipment and will assume a number of agreed upon operating liabilities of the business. Subject to satisfactory completion of final due diligence, the transaction is expected to close before the end of April 2004.
Commenting on the decision to sell Huffy Service Solutions, Paul R. D’Aloia, Chief Executive Officer and President of Huffy said, “We are pleased that National Product Services has recognized the value of Huffy Service Solutions and the benefit of combining two premium services to retail companies.”
Huffy Corporation (NYSA: HUF) is a diversified sporting goods company, marketing basketball equipment, sports balls and other outdoor games.
National Product Services, Inc. is a premier provider of outsourced retail marketing services to major consumer product manufacturers and large retail chains nationwide. Headquartered in Irving, TX, with offices in Atlanta, GA and Mooresville, NC, the company provides its clients with a broad range of services that deliver a quantifiable and attractive return on their client’s marketing expenditures including comprehensive merchandising services, in-home and in-store assembly services, and hard line product demonstrations. For more information, visit NPS’s web site at www.npsinet.com
H.I.G. Capital, a leading private equity investment firm with more than $1.5 Billion of equity capital under management, has a controlling interest in over 50 companies with combined revenues in excess of $5 Billion. With offices in Miami, Atlanta, Boston, and San Francisco, H.I.G. specializes in the acquisition of leading middle market companies with strong growth potential. For more information, visit H.I.G. Capital’s web site at http:/www.hig.com.