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.”
"I fully recommend working with The Hollingsworth Companies if cost or time driven schedules play a part in your company's opportunity because they do deliver within budget and on time with no change orders or surprises." -- David B. Sutherland, CMS Companies
"Southern states are home to 50 million more residents than the Northeast. In corporate growth, only the South has shown a positive net migration in the early 21st Century." -- Plano Star Courier
"We invited The Hollingsworth Companies to our Atlanta Offices. Within two weeks all negotiations were completed and the lease was executed. From beginning to end, it only took 45 days to complete our requested up fits." -- David B. Sutherland, CMS Companies
"The bottom line is that we could not be more pleased with our Hollingsworth Companies experience." -- Karl F. Hielscher, President and CEO, Metl Span
“From greenfield startup to becoming a national industry leader 10 years later, Hollingsworth continues to play an invaluable role in Service Center Metals growth and success.” -- Scott Kelley, President and CEO, Service Center Metals
"Hollingsworth entered an agreement to ensure quick delivery of the pre-approved standard building sizes . We are committed to deliver the structural steel, ready for erection, in just 6 weeks from receipt of a final building order." -- Jeff Carmean, General Manager, Nucor Building Systems
"Joe Hollingsworth participated as one of our first equity investors. In addition, Joe Hollingsworth has served as a board member and leading advisor for strategic planning and direction." -- Scott Kelley, President and CEO, Service Center Metals
