By: Michael Campbell | Twitter: @itsthesoup
Posted: July 24, 2019 | 12:30 p.m.
New majority owner has holdings in Richmond, S. Carolina
PRINCE GEORGE – One of the county’s key industrial assets and homegrown businesses now has new owners following Service Center Metals acquisition by a Metro-Richmond business owner.
Late last week, it was announced SCM, which manufactures aluminum extrusions in the heart of the county’s industrial park, was purchased by The Riverstone Group LLC for an undisclosed sum of money. This company, which is owned by well-known Virginia businessman William Goodwin, Jr. has a number of assets in its portfolio, including Richmond’s iconic Jefferson Hotel, The James Center building in Virginia capital, along with a number of other properties beyond the Commonwealth’s borders.
CEO Scott Kelley, speaking with the Richmond Times-Dispatch following news of the acquisition remarked SCM was happy to have a local company gain majority ownership in SCM, which was founded in 2002, adding that having local ownership will allow them to preserve the things that made Service Center Metals successful in Prince George County.
“The good thing is it means we can remain independent and keep our culture intact and keep our growth plans, which they are fully committed to pursuing,” Kelley told the paper last week. “We remain a Virginia-based company.”
Located just off Interstate 295 and County Drive along Quality Way, Service Center Metals was started by three former executives of the prolific Reynolds Metals Co., Kelley, who currently serves as CEO, Randy Weis and Chip Dollins. Working to raise money in 2001, they weathered the financial challenges that came in the weeks and months of the September 11, 2001 attacks to raise enough funds to start SCM, with the first product shipping in 2003.
Within three years, SCM doubled the size of its plant thanks to a $25 million expansion. The Great Recession didn’t spare Service Center Metals as the economic slowdown forced them to cut some production jobs but, the rebound was swift and growth continued on a steady upward trajectory in the following years.
They currently employ over 200 employees at their Prince George facility, generating in excess of $200 million. The reach of the organization is substantial as they ship to markets domestically and in Canada.
Service Center Metals has also earned its share of accolades, receiving a Resilience Award for manufacturers from the Initiative for Business in Society at the University of Virginia’s Darden School of Business, which recognizes companies that have shown resilience in economically depressed areas of the Commonwealth.
In addition, SCM received the prestigious Ernst & Young Entrepreneur of the Year Award in 2005 and, three years later, they were honored as a Virginia Chamber “Fantastic 50” winner.
The company is currently hiring for several positions. To learn more about joining their team, visit Service Center Metals’ website at http://servicecentermetals.com.