PTC Group Holdings Names New Chief Executive Officer

November 24, 2015

Wexford, PA- Effective immediately, Cary Hart will assume the additional duties of Chief Executive Officer at PTC Group Holdings along with his current duties as President and Board Member. 

Cary has been with the Company for 18 years in various roles within Operations, Sales and his most recent role as President of both PTC Alliance and PTC Group Holdings.   Christopher W. Parker, Chairman of the Board of PTC Group Holdings and Senior Managing Director at Black Diamond Capital Management, stated, “It gives me great pleasure to extend my congratulations to Cary Hart on his new role as CEO of PTC Group Holdings.  The Board of Directors is confident that Cary will be a champion of operational excellence and revenue growth as we move into a future focused on PTC’s core business.”

With the successful completion of some business divestitures and the closure of other key initiatives, Curt Solsvig resigned today from his interim role as CEO and Board Member at PTC Group Holdings.  Mr. Solsvig remarked, “Cary and I have accomplished a great deal together during my tenure and I am confident he will be an effective leader for PTC going forward.” 

Mr. Parker added, “On behalf of the Board of Directors, I would like to thank Curt for all of his hard work and wish him all the best in his future endeavors”.

About PTC

PTC Alliance Corp. is the leading manufacturer and marketer of welded and drawn over mandrel (“DOM”) mechanical steel tubing, cold drawn seamless, fabricated, precision tubular components, and chrome-plated steel bars. Major end–uses include construction and agricultural equipment, machinery and appliances, as well as automotive, heavy truck and energy applications.  The company employs approximately 1,000 people across its 8 manufacturing facilities.

About Black Diamond

Black Diamond Capital Management, L.L.C. is a leading alternative asset management firm with approximately $8 billion in assets under management. Black Diamond’s control private equity funds focus on middle market companies with market leadership positions within their sectors.   Founded in 1995, Black Diamond has offices in Greenwich, CT, Lake Forest, IL and London, England.