We are successfully acquiring and building companies throughout the world

Our Portfolio

HBM has been successful acquiring, building and operating specialty manufacturing companies with a focus in industrial equipment & components, energy equipment, transportation equipment and chemicals and minerals.

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Portfolio Companies

Our current portfolio includes Mississippi Lime Company, Delavau LLC, Tru-Flex LLC, Schafer Industries and Aerofil Technology, Inc.

  • Mississippi Lime

    Mississippi Lime is a leading manufacturer of calcium products including hydrated lime, quicklime, ground calcium carbonate, and precipitated calcium carbonate.

  • Delavau

    Delavau is a manufacturer of granulated, blended and tableted calcium, vitamin and mineral supplements, and OTC remedies for the nutritional and pharmaceutical industries.

  • Tru-Flex

    Tru-Flex is a manufacturer of engineered exhaust decouplers (hydroformed bellows and interlock hoses) and metal components used in emissions systems of commercial on-road and off-road vehicles.

  • Schafer Industries

    Schafer Industries is a leading producer of high-precision, custom-engineered gears and machined parts for a wide range of applications, as well as transaxles, brake assemblies and other components for off-road vehicles.

  • Aerofil Technology

    Aerofil Technology is a contract manufacturer that fills aerosol and liquid containers for industry-leading brands across a wide set of industries and applications.

Spotlight Case Study: Tru-Flex


When HBM Holdings acquired Tru-Flex, Tru-Flex operated out of one plant in West Lebanon, IN. The team had developed equipment and technology that solidified a market-leading position in North America, but in order to continue to grow the business, the company needed access to talent and capital, and a partner willing to invest for the long term.


We challenged the Tru-Flex team to think aggressively about growing the business.  We provided resources to lead and support a strategic planning process, which identified key growth opportunities.  Those initiatives all required leadership, and we focused attention on the recruitment of management talent. We provided capital to develop new facilities to support growth and brought in external advisors who proved essential in the structuring of those initiatives. Most importantly, we provided the long-term strategic outlook that made it possible to think about developing the business for the next twenty years, not just the next five.


With guidance and capital from HBM Holdings, Tru-Flex progressed from one business unit to five, each with their own general manager. Three of the five business units were new business segments for Tru-Flex, and four out of the five general managers were hired under HBM’s ownership.  In Europe, Tru-Flex developed a greenfield plant, which was operational 18 months after HBM acquired Tru-Flex.  HBM was able to facilitate growth, while allowing the Tru-Flex team to focus on developing best-in-class products and maintaining exceptional customer service.

“When we decided to sell the company, we wanted a partner that would allow us to focus on building the business for the long-term, and HBM fit the bill perfectly. We now not only develop annual budgets, but also five year strategic plans.  The focus of these plans is not only on profits, but also on growth-oriented capital investments and developing new customers.”

Gregg Notestine

President, Tru-Flex

“Rather than constantly looking for ways to cut back, HBM has always looked for ways to help move the company forward. The relationship is collaborative, supportive and ‘hands-off’, giving the management team wide latitude to make quick operational and capital decisions.”

John Burrows

President and CEO, Delavau

“HBM has really helped us get involved with developing our employees. Because of their help, each of our employees now has a development plan to improve their job performance. This provides us with better employees and gives the employee greater job satisfaction and security – a win for us and the employees.”

Gregg Notestine

President, Tru-Flex

“HBM provides resources for merger and acquisition activities and specific project work where we don’t have resources. We have an excellent relationship with HBM. They are like our team members in many ways and we all work together.”

Bill Ayers

President and COO, Mississippi Lime

“As a small, fast growing company, we needed to implement more structure into our processes. HBM’s experienced management team helped us implement structured processes that help us push decision-making down, while still retaining a handle on the direction of the business.”

Gregg Notestine

President, Tru-Flex

“Since HBM acquired the company, Delavau has been able to expand our product offerings, improve quality and, because of that, we have won significant new business. HBM has strengthened us by the addition of key outside hires, and significant capital spending has propelled the company to an industry leading position of strength.”

John Burrows

President and CEO, Delavau

“We meet with HBM monthly to review the prior month’s financial results. The focus of the meeting is less about the financial results, and more about how we can collectively continue to grow the business. The collaborative nature of the meeting creates an environment that allows us to really solve problems.”

Gregg Notestine

President, Tru-Flex

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