Blank check company Hennessy Capital Acquisition Corp. II (Nasdaq: HCAC, HCACU and HCACW) will acquire the outstanding capital stock of United Subcontractors Inc. (USI), a provider of insulation systems. HCAC will fund the $348.5 million merger with a combination of cash—which includes a $100 million debt financing--and newly issued shares of commercial stock.

St. Paul, Minnesota-based USI provides installation, construction and distribution services to the residential and commercial construction markets in the U.S. HCAC, headquartered in Houston, Texas, was founded by Daniel J. Hennessey with the intention of executing mergers, capital stock exchanges, asset acquisitions, stock purchases and reorganizations with one or more companies.

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