Transcript: CIBC Ambition Stories | How Hynes Industries is Building Up Local Youngstown

>>Rick Organ, Chief Executive Officer of Hynes Industries: We are growing at such a rapid rate. We needed to bring in partners that shared our values and that could grow with us.

>>Ryan Day, Chief Financial Officer of Hynes Industries: Hynes has a long storied history with the city of Youngstown and Hynes has always been an integral part of the fabric of this community.

[Hynes Industries provides highly engineered custom roll form solutions. Rick and Ryan joined the business to give back to their hometown.]

>>Day: When we first came into the business, there was a lot of challenges. It gave us an opportunity to really come in and rebuild the organization.

>>Organ: We had brought the business to a point where we were highly confident in what the future held, but we needed the capital and so we put our own capital in. But we quickly realized it was going to be necessary for us to bring in additional outside capital.

>>Frank Bonet, Senior Business Development Manager at CIBC U.S.: Hynes, it was very clear to us, was in high demand from their customer to expand those existing relationships. CIBC has a rich history and deep experience in those types of businesses.

[Crossplane Capital is a private equity firm. They acquired Hynes Industries as a majority owner.]

>>Brian Hegi, Co-Founder, Crossplane Capital: We invest in strategically unique industrial businesses that have a significant value creation opportunity, but at the end of the day, we are investing in people. Frank and the team at CIBC really understood the value creation opportunity, that we were going to invest heavily in this business, and we needed a banking partner that was going to support the growth of this business over the next five years.

>>Brandon Barr, Asset-Based Lending Group Head, CIBC U.S.: CIBC provided a creative solution that was really tailored toward helping the Hynes management team partner with Crossplane.

>>Organ: The core of our strategy is growing with our customers. We need a bank that's also willing to grow with us. CIBC, taking the time to really understand our business was very important to us, and further to that, the history and the reliability of the bank.

[CIBC’s asset-based lending and equipment financing allowed Hynes Industries to expand and better serve customers.]

>>Bonet: We found that we had a lot of shared approach to business, so it was a good coming together of those three different teams, Hynes, Crossplane and CIBC, for this opportunity.

>>Barr: There are a tremendous amount of companies that exist in towns like Youngstown, that really are the lifeblood of the U.S. economy that are working to bring jobs and growth into their communities. That's what we get excited about at CIBC.

>>Organ: Relationships are critical to me. We've built strong relationships with our customers and our suppliers. Similarly, we like the fact that CIBC is willing and desirous of building a relationship with us. I have great optimism for the future of Hynes. What we're doing today is going to benefit this business and this community for many years to come.

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