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Hickory Springs Manufacturing
Hickory Springs Manufacturing's retirement plan was established in 1970 as a defined-benefit scheme serving eligible employees of HSM Solutions and its...
Hickory Springs Manufacturing
Hickory Springs Manufacturing's retirement plan was established in 1970 as a defined-benefit scheme serving eligible employees of HSM Solutions and its manufacturing subsidiaries across North Carolina. The plan is the deferred compensation vehicle for a workforce historically tied to furniture springs, bedding components, and industrial wire — businesses launched by founder Parks Underdown Sr. in 1944. While the Underdown family, including Parks 'Neil' Underdown Jr., David Underdown, and Mark Underdown, retained multi-generational ownership of the operating company, HSM's foam production assets were acquired by Arsenal Capital Partners in 2016 to form Elite Comfort Solutions, with HSM continuing as a strategic partner and fabricator. The plan's investment strategy is discretely focused on distressed debt, a category typically pursued by dedicated credit funds and family offices rather than pension plans of this scale. Its asset base — estimated at roughly $124M — is modest relative to public pension systems but substantial for a single-employer manufacturing plan. HSM maintains physical operations across multiple states, including a wire-drawing complex in Conover, North Carolina, a manufacturing facility in Verona, Mississippi, and an additional plant in Barberton, Ohio. The plan's sponsoring employer participates in industry standards bodies like the International Sleep Products Association and the Polyurethane Foam Association, where long-time technical executive Bobby Bush Jr. previously chaired the PFA Technical Committee. The plan operates without a publicly visible investment committee or external consultant roster, suggesting internal stewardship by HSM's leadership or a small team. Current CEO Michael Hinshaw guides the operating company, though his direct involvement in pension investment decisions is not disclosed. The firm maintains a corporate jet alongside its industrial property portfolio, and the Underdown family supports community initiatives through the Underdown Family Foundation. Membership in the Chamber of Catawba County at a top-tier investment level indicates sustained local civic engagement. The structural distinction of the Hickory Springs retirement plan lies in its embeddedness within a multi-generational family manufacturing business that has partially divested core operating assets. The plan functions not as a stand-alone institutional investor but as the retirement obligation of a private industrial company — a posture where distressed debt allocation may reflect both opportunity-seeking and the liability-driven constraints of a pension fund supporting an aging factory workforce.
General information
Firm type
Pension Fund
Year founded
1970
AUM
~$124M (Altss estimate)
Location
Region
North America
Country
United States
City
Hickory
Corporate office
Hickory, NC, United States
Additional offices
Verona, MS · Barberton, OH
Principals
Michael Hinshaw
CEO of HSM Solutions
Sector focus
Frequently asked questions
Who runs investment decisions for the Hickory Springs retirement plan?
The plan does not publicly name an investment committee or external advisor. Given its modest size and close relationship with the operating company, investment decisions likely rest with HSM Solutions' leadership or a small internal trustee group. The current CEO of HSM Solutions is Michael Hinshaw, though his specific role regarding pension investment oversight is not disclosed in public record.
Why does a manufacturing company pension plan pursue distressed debt?
The plan's distressed debt strategy is unusual for a corporate pension plan of its scale, which typically defaults to diversified stock-bond allocations. It may reflect a higher risk tolerance driven by underfunding concerns, a relationship with a specialized manager, or a family-office influence from the Underdown family's ownership structure stretching back to 1944. No public filings confirm the specific rationale for the allocation.
What is the relationship between HSM Solutions and Arsenal Capital Partners?
In 2016, Arsenal Capital Partners acquired HSM's foam production assets to form Elite Comfort Solutions. HSM Solutions retained a strategic partnership and ongoing fabricator relationship. The Hickory Springs retirement plan remained with the original operating entity and was not transferred as part of that transaction.
How is the Underdown family involved in the retirement plan?
The Underdown family founded the parent company in 1944 and maintains multi-generational ownership, including Parks 'Neil' Underdown Jr., David Underdown, and Mark Underdown. While specific family oversight of the pension plan is not publicly detailed, the Underdown Family Foundation — a separate philanthropic vehicle — supports community initiatives in the Hickory region.
Does the retirement plan participate in fund commitments or only direct investments?
The plan's precise deployment structure is not publicly documented. Its distressed debt strategy could operate through direct purchases of distressed securities, commitments to specialized credit funds, or co-investment vehicles. No public filings from Hickory Springs confirm the mix of direct and fund-level participation.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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