Hurd to be Purchased by Private Equity Firm

Hurd Windows and Doors of Medford, Wis., has announced that a private equity firm, Longroad Asset Management in Stamford, Ct., has signed a definitive purchase agreement, which was approved by the U.S. Bankruptcy Court in which Hurd's case is under review yesterday.

"Hopefully it will close in the month of December," says Richard Latto, managing director for Longroad. "We're very excited about owning it. We turn companies around."

Hurd president Dominic Truniger also sounds optimistic about the new ownership.

"We are truly excited about Longroad becoming our new owners," Truniger says. "This is a rebirth, of sorts, for Hurd. Longroad's investment in our future will provide Hurd with greater financial security and better position us for growth. We have a number of exciting new products planned for 2009, and the infusion of capital will provide us with the resources to support the manufacturing, distribution, sales and marketing of these new products."

Longroad's Steve Zambito will become chairman of Hurd when the deal closes.

"We are looking forward to being associated with such a great brand and professional management team-who will now be given the capital to grow," says Zambito.

Zambito also confirmed that the management team and employees at Hurd will remain in place, and that the manufacturing operations will remain in Medford and Merrill, Wis.

Need more info and analysis about the issues?
CLICK HERE to subscribe to DWM magazine.