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 /ADVANCE/ AKRON, Ohio, Aug. 17 /PRNewswire/ -- Tentative agreement has been reached by partners of The Brenlin Group for reorganization of the company's ownership.
 Brenlin partners David L. Brennan, Richard M. Hamlin and James P. McCready announced in late April of this year that company ownership would change because of personal and business planning considerations by the three. Brenlin is a privately held management company with 18 member firms and aggregate annual sales of $700 million.
 Under terms of the agreement, which still must be finalized, Hamlin will acquire both Brennan's and McCready's interests in the company and become sole owner. Hamlin has been vice chairman of Brenlin since it was founded. He is expected to become chairman of the board of directors, president and CEO of the new company, which will retain the Brenlin Group name.
 The company was started by Hamlin and Brennan in 1975 when they bought Hamlin Steel Products, an Akron, Ohio, based metal stamping company. McCready joined the partnership in 1976. Since that time, Brenlin has acquired a succession of companies that operate from 27 locations throughout the country and employ approximately 4,000 people. Brenlin was ranked number 272 on the 1992 Forbes magazine list of the 400 largest privately held companies in the United States.
 The three partners had originally estimated that working out details of the reorganization would be completed by mid-summer. This self- established deadline was not met, however, because of the complex nature of dividing the assets. With Hamlin's plan to acquire all companies, it is expected that the reorganization can be completed once financing has been arranged.
 In a jointly worded statement, the three Brenlin partners said, "We believe this arrangement (for Hamlin to acquire all companies) is best for all involved parties. These companies should remain together. It's the most desirable plan for all of our employees, for the customers of each company and for the communities where they operate. The Brenlin companies have achieved a great deal of strategic synergy by working together and we want that to continue.
 "Likewise, our management groups, both at the Brenlin offices in Akron and at each member company, are strong. We think it would be a disservice to them to undo the many progressive programs that are in place right now and which might not be continued in a reorganization that would split ownership among three groups. With the reorganization as now conceived, we believe that The Brenlin Group companies will continue to progress and prosper and that is what we want to see happen."
 -0- 8/18/93
 /CONTACT: James R. Ansley of Ansle for The Brenlin Group/

CO: The Brenlin Group ST: Ohio IN: SU: RCN

KL -- CL222 -- 3520 08/17/93 11:55 EDT
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Publication:PR Newswire
Date:Aug 17, 1993

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