Lincoln International Represents Plymouth Steel Corporation, Plymouth Shafting Corporation and Universal Metal Service Corp. in their sale to Niagara LaSalle Corporation
CHICAGO, June 23, 2010 – Lincoln International (“Lincoln”), a leading global mid-market investment bank, today announced that Plymouth Steel Corporation, Plymouth Shafting Corporation (collectively “Plymouth”) and Universal Metal Service Corporation (“Universal”) have been sold to Niagara LaSalle Corporation (“Niagara LaSalle”), a portfolio company of Kohlberg & Company, L.L.C. Lincoln advised Plymouth and Universal in the transaction, the terms of which were not disclosed.
Plymouth Steel is a leading independent cold finished bar producer specializing in the manufacture of a unique line of carbon and alloy bars for the precision machined products industry. Plymouth’s products are used in various U.S. military, industrial and automotive applications for customers located across North America, including Canada and Mexico, who require the highest level of quality. Plymouth will continue its pursuit of industry leading quality and customer service along with continuous improvement opportunities.
Universal Metal Service is an independent, high quality producer of cold finished, customer supplied steel bars and shapes to the metals industry. Customers include automotive, industrial and primary steel sectors of the economy. Universal will continue to operate as a separate organization.
“We are pleased to combine with Niagara LaSalle to form, by far, the largest, most diverse, independent, cold finish bar processor in North America,” stated John Quay, former CEO of Plymouth and Universal. “The Lincoln team was very effective in structuring an optimal transaction for all parties.”
“We are excited to unite the professional talents and quality reputations of Plymouth Steel and Universal Metal Service, both of which have long standing recognition in the industry as quality producers of cold finished steel bar products, with that of Niagara LaSalle Corporation,” said Kevin Stevick, Chief Executive Officer of Niagara Corporation. “The combination will create new opportunities for employees, customers, suppliers and the stakeholders of all three organizations.”
About Plymouth Steel
Plymouth Steel Corporation was founded in 1941 in Detroit, Michigan as a cold drawn steel bar processor for various U.S. military and automotive applications. Plymouth was family-owned for three generations and operated with a core focus on customer satisfaction and the highest product quality at the lowest cost. From the original 10,000 square foot facility, the organization has expanded to encompass three plant locations in Michigan [2] and Kentucky [1] with manufacturing facilities totaling 272,000 square feet. The Company now operates ten draw lines of overlapping sizes and multi-grade capabilities to service a wide variety of industries.
www.plymouthsteel.com
About Universal Metal Service
Since its founding in 1967, Universal has been a high quality processor of customer supplied steel bars and shapes to the metals industry. From its initial operations dedicated solely to the fabrication of cable racks for Western Electric Company, Universal had added numerous capabilities to its service offerings, including precision cutting, turning, polishing and descaling, as well as, more recently, centerless bar grinding and phosphate coating of piece parts. Universal’s headquarters are located in Chicago, Illinois on a 14.5-acre campus and include an extensive ISO-certified production facility totaling 143,000 square feet, as well as an outdoor crane and raw materials storage facility.
www.universalmetal.net
About Niagara Corporation
Established in 1993, Niagara Corporation is the world’s foremost producer of high-quality specialty and commodity cold finished steel bars. These products are used in a large number of manufacturing industries including aerospace, agriculture, automotive, construction, machine tool and energy. The Company’s U.S. operations, Niagara LaSalle Corporation and Subsidiaries, represent the largest independent producer of cold finished steel bars in the United States.
www.niag.com
About Kohlberg & Company
Kohlberg & Company is a leading private equity firm headquartered in Mt. Kisco, New York. Since its inception in 1987, Kohlberg & Company has completed more than 50 platform investments and more than 80 add-on acquisitions, with aggregate transaction value in excess of $8 billion. Kohlberg has invested over $2.6 billion across six private equity funds to date, including through its current $1.5 billion sixth fund, Kohlberg Investors VI.
www.kohlberg.com
About Lincoln International
Lincoln International specializes in merger and acquisition advisory services, private capital raising and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions and valuations on a wide range of transaction sizes. With 10 offices in Asia, Europe and North America Lincoln International has strong local knowledge and contacts in the key global economies. The organization provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest. More information about Lincoln International can be obtained at www.lincolninternational.com
| back |
