On May 12, Hillman Solutions Corp. — a provider of hardware products and merchandising solutions — announced that Joseph Scharfenberger, Jr., Co-Managing Partner of CCMP Capital, and Richard Zannino, Managing Director of CCMP, have stepped down from Hillman’s board of directors, according to a company news release.
The board changes follow CCMP, a private equity firm, exiting its position in Hillman’s stock through a secondary offering, which was expected to close May 15.
During the offering, CCMP sold its remaining 22,455,000 shares and is no longer a shareholder, Hillman said.
Since CCMP’s initial investment in Hillman in 2014, sales have doubled to approximately $1.5 billion in 2022. After the changes, the Hillman Board of Directors consists of eight board members, seven of which are independent.
Hillman ranked No. 6 in MDM’s 2022 list for Top Fasteners Distributors.