In 1986, the management of the $500 million Industry Group of International Minerals and Chemicals, Corp. sought a way to acquire their division that had been lacking focus from the parent company. Gallagher Industries Chair-man, Charles Gallagher, partnered with them in a private equity-sponsored leveraged buyout, and the newly independent business was named Applied Industrial Materials Corporation (AIMCOR). Gallagher immediately worked with management to employ financial expertise and implement a visionary strategy that tapped unrealized potential and generated significant profits. Solid earnings growth was achieved, and together with opportunistic divestitures of non-core subsidiaries, Gallagher was able to retire the entire transaction debt and buyout his outside investors in less than two years. Continued reinvestment of profits vertically expanded the business, and AIMCOR became a global leader in the marketing and distribution of industrial carbon products. By 1997, AIMCOR had operations in 12 countries and on four continents.
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