World's Largest Horizontal Casting Facility Acquired

PRINCE GEORGE, Va., Aug. 1, 2019 /PRNewswire/ -- Service Center Metals, a homegrown Virginia company and one of the fastest-growing industrial assets in the Commonwealth, has been acquired.

Richmond businessman William H. Goodwin, Jr.'s Riverstone Group LLC bought majority ownership in Service Center Metals, an aluminum extruder and recycler, through its SCM Industries LLC investment entity for an undisclosed price.

Founded in 2002 by industry executives Scott Kelley, Randy Weis, and Chip Dollins, Service Center Metals opened its plant in SouthPoint Business Park in Prince George, Virginia in 2003 after receiving its first equity backing from The Hollingsworth Companies, the largest non-urban industrial real estate developer in the Southeastern United States. 

"It was an absolute pleasure investing in and developing for Service Center Metals and supporting their efforts to become the world's most efficient aluminum extruder.  The Service Center Metals example highlights the capabilities of the Hollingsworth Companies to provide investment and real estate support for high growth companies," said Joe Hollingsworth, CEO of Hollingsworth Companies.

What began as a start-up company fueled on a dream, grit and hard work in a 77,500 square foot facility, now stands the "world's largest horizontal casting facility" in a vast 426,000 square feet after 4 expansions. SCM currently employees 247 people and has an annual revenue of $225 million.

Jeffrey Stoke, Deputy County Administrator, Prince George County stated, "Service Center Metals' tremendous growth and expansion has contributed to our employment opportunities, tax base, and community pride."

When asked about the future growth potential with Riverstone, Scott Kelley, president and CEO of Service Center Metals said they "will not be restrained by capital requirements and therefore, will have the opportunity to aggressively expand where Service Center Metals chooses to pursue it."

About Service Center Metals: Service Center Metals produces extruded aluminum rods, bars, angles, pipes, channels, and beams at their Prince George, VA location and is one of the fastest growing manufacturers in Virginia.  SCM has received the Ernst & Young Entrepreneur of the Year Award, honored as a Virginia Chamber "Fantastic 50" winner and received a Resilience Award for manufacturers from the Initiative for Business in Society at the University of Virginia's Darden School of Business.

About Riverstone Group, LLC: Founded by billionaire philanthropist, Bill Goodwin, Riverstone Group remains family owned.  In addition to other non-hospitality companies, Riverstone owns and operates The Jefferson Hotel in Richmond, Virginia, Kiawah Island Golf Resort and Sea Pines Resort in South Carolina, the Hermitage Hotel in Nashville, Tennessee and Keswick Hall and Golf Club outside of Charlottesville, Virginia.

About The Hollingsworth Companies: The Hollingsworth Companies was founded in 1990 by real estate mogul Joe Hollingsworth, who remains the active CEO.  With facilities located in Alabama, Georgia, Mississippi, North Carolina, Tennessee, and Virginia, Hollingsworth Companies and Hollingsworth Capital Partners comprise over 19 million square feet in their industrial portfolio.  The company maintains its headquarters in Clinton, TN where it continues to develop industrial buildings and manage its portfolio of business parks, convenience stores, multi-family housing, and other real estate holdings.

Contact:
Ashlee Rollins   
Hollingsworth Companies
865-457-3600
[email protected]

SOURCE The Hollingsworth Companies