New Page Acquires Engineered Steel Products

New Page Capital has acquired Engineered Steel Products, a manufacturer of structural steel.

Engineered Steel Products (ESP) provides steel fabrication manufacturing services to commercial, retail and industrial clients. The company fabricates approximately 4,000 tons of steel annually. ESP was founded in 1989 and has 30 employees. The company is headquartered south of Greensboro in Sophia, NC (www.engineeredsteel.org).

“After performing due diligence on over 100 potential investment and partnership opportunities, we are excited to forge this new path forward with Engineered Steel Products,” said Adam Duggins, managing partner of New Page Capital.

Upon closing of the transaction, Rick Ramsey was named the new president of ESP.  Mr. Ramsey previously worked with Gilbarco Veeder-Root, a global industrial manufacturer and he continues to serve as an operating partner with New Page Capital. The co-founders of ESP, Rob Braswell and Richard Flournoy, will continue to hold executive roles.

“New Page Capital is a top notch, high-energy team with exceptional management and industry prowess,” said Mr. Braswell.  “Rick and his colleagues have strong local ties and the resources and expertise to enhance our future success.”

The acquisition of ESP is the first major transaction for New Page Capital. The firm was formed in 2013 to invest in companies with revenues between $5 million and $35 million and EBITDAs greater than $500,000. Geographically, the firm invests in companies that are based in the Piedmont Triad region of North Carolina. The Piedmont Triad (or simply the Triad) is a north-central region of North Carolina bounded by the three major cities of Greensboro, Winston-Salem, and High Point. New Page Capital is headquartered in Greensboro (www.newpagecapital.com).

Bundy Group (www.bundy.com), an investment bank based in Roanoke, VA, served as the exclusive advisor to Engineered Steel Products and its shareholders for this transaction.  The Forrest Firm (www.forrestfirm.com), based in Durham, NC, served as legal counsel.

© 2015 PEPD • Private Equity’s Leading News Magazine • 2-10-15