Just saw the following posted on another forum.
Dear Valued Partner,
I am very pleased to announce that our board of directors has signed an Agreement under which Horizon Hobby will be sold to an investor group led by myself. The transaction is expected to close sometime in early January. The investment group includes Armory Capital, LLC, a local, family-owned Champaign company, and Mill City Capital L.P. located in Minneapolis. These two investors have deep experience with management-led acquisitions.
I’m excited to share this news with you, because it’s all about growth and continuity and a bright future. Both Armory Capital and Mill City Capital are long-term investors who are uniquely aligned with Horizon’s culture, core values and strategy. This transaction will give us a capital structure that will enable us to manage through industry-wide challenges and grow well into the future. The company you have come to know and rely on is not changing. The management team will remain in place through this transaction and there are no planned layoffs with this transaction.
You can expect that this change will be seamless to you. Our commitment to investing in developing exciting, innovative products that have the potential to grow the hobby has never been greater. I’m especially proud of the fact that our new investors agree with our approach to business and will enable us the best opportunity to stay true to our values and culture.
We appreciate your business and your continued support very much. Together, we can help even more people have fun with hobbies. We will update you as soon as we have more information to share.
If you have any questions, please contact your sales rep or any of the sales management team.
Have a prosperous and enjoyable December.
Sincerely,
Joe Ambrose
CEO of Horizon Hobby Inc
Dear Valued Partner,
I am very pleased to announce that our board of directors has signed an Agreement under which Horizon Hobby will be sold to an investor group led by myself. The transaction is expected to close sometime in early January. The investment group includes Armory Capital, LLC, a local, family-owned Champaign company, and Mill City Capital L.P. located in Minneapolis. These two investors have deep experience with management-led acquisitions.
I’m excited to share this news with you, because it’s all about growth and continuity and a bright future. Both Armory Capital and Mill City Capital are long-term investors who are uniquely aligned with Horizon’s culture, core values and strategy. This transaction will give us a capital structure that will enable us to manage through industry-wide challenges and grow well into the future. The company you have come to know and rely on is not changing. The management team will remain in place through this transaction and there are no planned layoffs with this transaction.
You can expect that this change will be seamless to you. Our commitment to investing in developing exciting, innovative products that have the potential to grow the hobby has never been greater. I’m especially proud of the fact that our new investors agree with our approach to business and will enable us the best opportunity to stay true to our values and culture.
We appreciate your business and your continued support very much. Together, we can help even more people have fun with hobbies. We will update you as soon as we have more information to share.
If you have any questions, please contact your sales rep or any of the sales management team.
Have a prosperous and enjoyable December.
Sincerely,
Joe Ambrose
CEO of Horizon Hobby Inc
