HOUSTON, TX (July 31, 2024) – Genesis Park, through its investment fund, Genesis Park Partners, LP, is pleased to announce its recent investment in HBI Services (“HBI” or the “Company”). HBI is a full-service metal fabrication company providing cutting-edge services to produce high quality parts for a variety of customer needs. Additionally, HBI manufactures a line of premium charcoal grills under the “Hasty Bake” brand name. Genesis Park made a debt and equity investment to support the minority recapitalization and growth initiatives of HBI.
Founded in 1948 and headquartered in Tulsa, OK, HBI operates out of two facilities with over 90,000 square feet of space in Tulsa and Adair, OK. The Company has made significant investments in capacity and new equipment over the last several years, and now provides a full suite of services including laser cutting, forming, welding, machining, assembly, hardware insertion, and other services. HBI serves a diverse set of customers and end-markets including utility, material handling, HVAC, industrial, energy, automotive, and recreational, among others.
HBI is led by CEO, Rich Alexander, who acquired the Company in 1994. Rich is supported by a deep and talented executive management team including Rick Nacke (VP of Manufacturing), Bryan Gudgel (VP of Operations), Josh Henson (VP of Adair Operations), Gary Garbelman (VP of Sales), and Wes Fallis (VP of Hasty Bake). Together, the management team has successfully grown HBI to become one of the leading metal fabrication companies in the central United States.
“We are thrilled to begin our partnership with Genesis Park. Our team has successfully expanded the business over the last five years, but we are now at an inflection point where it makes sense to bring in a partner. Beyond capital, Genesis Park brings strategic guidance and relationships which will support our continued growth,” said CEO Rich Alexander.
Curtis Hartman, Managing Partner of Genesis Park said, “HBI presented an opportunity to invest alongside a talented management team and accelerate the Company’s growth trajectory. The HBI team has built an impressive business centered around relationships, quality, and superior customer service. We are culturally aligned and excited to partner with the Company in its next phase of growth.”
About HBI Services
Founded in 1948, HBI Services is a full-service metal fabrication company providing a wide range of services including laser cutting, forming, welding, machining, assembly, hardware insertion, and other services. HBI has over 90,000 square feet of manufacturing space across two facilities in Tulsa and Adair, OK. HBI is focused on providing its customers high-quality products, quick turnaround times, and superior customer service. For more information, visit www.hbiservices.com.
About Genesis Park
Genesis Park is a Houston-based private investment firm. Its current investment fund, Genesis Park Partners, LP, is licensed as a Small Business Investment Company (“SBIC”) by the U.S. Small Business Administration. Genesis Park supports growth and later stage lower middle market businesses through flexible debt and equity capital solutions and strategic guidance. Genesis Park generally targets companies with at least $10 million of revenue and $3 million of EBITDA, with proven business models and seasoned management teams. Managed by three experienced investment professionals with broad regional relationships, Genesis Park is committed to partnering with the companies and management teams in which it invests to facilitate growth, transition, and success. For more information, visit www.genesis-park.com.
