Richards Manufacturing Partners with Oaktree

IRVINGTON, N.J., Sept. 29, 2021 /PRNewswire/ -- Richards Manufacturing ("Richards" or the "Company"), a premier manufacturer of overhead and underground electrical and natural gas distribution products, announced today that it has partnered with funds managed by the Power Opportunities strategy of Oaktree Capital Management, L.P. ("Oaktree"). Members of the Bier family, long-time owners of the Company, will continue to lead the business and remain actively involved as shareholders. Terms of the transaction were not disclosed.

Headquartered in Irvington, NJ, Richards has served the electric and natural gas utility and commercial and industrial industries since 1945, supplying a portfolio of innovative products, including underground network protectors, medium voltage cable accessory products, overhead distribution connectors and pole-line hardware, and gas utility connectors. Richards is known for its relentless focus on serving customers with high quality and innovative products and industry-leading flexibility and customer service.  

Joe Bier, CEO of Richards, commented "We are excited to be partnering with Oaktree to continue our decades-long position as a leader in our industry. We welcome Oaktree's resources and strategic support as we continue expanding and enhancing our product offering to better serve our customers." Mr. Bier added, "My family is proud of the business we and our employees have built over the past 75 years. We are looking forward to a bright future in partnership with Oaktree."

Michael Cardito, Managing Director and Portfolio Manager at Oaktree, said "We are thrilled to be partnering with Joe and the Richards team, who for more than 75 years have been working to provide utilities with essential products designed to protect and extend the life of their infrastructure. We'll bring to bear our industry resources and relationships to help Richards continue to expand its capabilities and services for its customers, and opportunities available to its workforce." 

Ulysses Fowler, Senior Vice President at Oaktree, said "Richards is widely recognized as a trusted partner to its utility customers, with a customer-centric approach to developing and delivering an innovative and high-quality portfolio of overhead and underground products. We see tremendous opportunity for Richards as its customers continue to upgrade and enhance the safety and reliability of their infrastructure, and we are excited to bring additional resources and capital to support the Company's product development and growth initiatives while maintaining the total commitment to quality, responsiveness and customer service for which Richards is known."

About Richards Manufacturing

Richards Manufacturing is a premier manufacturer of overhead and underground electrical and natural gas distribution products. Based in Irvington, NJ, the Company serves blue-chip utilities and electrical distributors in the US and internationally. Richards is recognized as an industry leader with an innovative portfolio of stock and customized products, a consistent track record of dependable service, long-standing customer relationships, and leading market positions. The Company employs approximately 460 people and operates three facilities, located in New Jersey, Ohio, and Puerto Rico. For more information about Richards Manufacturing, please visit Richards' website at www.richards-mfg.com.

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with over $150 billion in assets under management as of June 30, 2021. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree's website at www.oaktreecapital.com.

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SOURCE Richards Manufacturing