Service Center Metals, a Virginia company and one of the fastest-growing industrial assets in the Commonwealth, has been sold.
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.
“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 in a 77,500 s/f facility, now stands the “world’s largest horizontal casting facility” in a vast 426,000 s/f after four expansions. SCM employs 247 people and has an annual revenue of $225 million.
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.”
Service Center Metals produces extruded aluminum rods, bars, angles, pipes, channels, and beams and is one of the fastest growing manufacturers in Virginia.