Wellspring Capital Management LLC and Hancock Park Associates (HPA) today announced that Wellspring has acquired Resco Products, Inc., a leading North American producer of value-added refractory solutions, from HPA. Financial terms of the transaction were not disclosed.

Established in 1946, Resco is a leading provider of custom-designed premium-quality shaped and unshaped refractory products for a broad range of industries and applications. Its broad product portfolio, investment in technological innovation, end-application expertise and reputation for premium customer services make the Company its customers' supplier of choice in both steel and non-steel market segments. Resco has built its operations through both acquisitions and organic growth initiatives.

William Brown, President and CEO of Resco, said, "We are excited about the opportunity to partner with Wellspring, which has an in-depth understanding of our business and industry. We are very pleased to have a long-term oriented and experienced strategic investor that will support our strategy of producing high quality products."

Carl Stanton, a Managing Partner of Wellspring, said, "We are thrilled to invest in such a high-quality company in the refractory market where we have seen consistent growth. Resco's customer relationships span decades and it is a critical supplier to major North American steelmakers and general industrial companies alike. We look forward to supporting Resco's further growth throughout North America and internationally."

Mike Fourticq, Sr. Managing Partner of Hancock Park Associates, said, "When we acquired Resco in 2005, HPA believed that the management team could grow the company significantly and achieve a much higher level of sales and profitability. Obviously their results over these past six years have affirmed that belief. I am confident that Wellspring's recognized experience in building stronger, more sustainable businesses through organic growth and acquisitions will enable Resco to achieve its full potential."

Hancock and Resco were advised by Credit Suisse Securities (USA), LLC. Wellspring was advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP (legal advisor).