Littlejohn Capital has acquired Maysteel Industries, a maker of sheet metal enclosures, from Revolution Capital Group which acquired the company in November 2013.
Maysteel specializes in designing, engineering and manufacturing custom OEM sheet metal enclosures, electrical cabinets and metal fabricated assemblies. The company’s product are used in the alternative energy, kiosk, gaming, security, medical, utility, industrial drive and automation, and self-serve/vending machine industries. Maysteel was founded in 1936 and has a 240,000 square-foot manufacturing facility and headquarters in Allenton, WI (northwest of Milwaukee) and a 96,000 square-foot manufacturing facility in Monterrey, Mexico (www.maysteel.com).
“This is very exciting news for the company, its employees, and customers,” said Kevin Matkin, Chief Executive Officer of Maysteel. “The Littlejohn Capital team has a long and successful track record of building industrial companies like ours. They understand our business and share our vision of building an even stronger company and we are confident we have the right partner to support our strategic growth initiatives.”
Littlejohn Capital is the family office of Angus Littlejohn Jr., co-founder of Littlejohn & Co., where he currently serves as Chairman. The family office makes control investments of $5 million to $15 million ($30 million including co-investment partners) in transactions with $20 million to $75 million of total enterprise value. Typical targets are small to mid-sized private companies that are undergoing strategic, operational or generational transition and that have EBITDA between $2.0 million and $12.5 million. Sectors of interest include manufacturing, fabrication, processing, logistics, materials, and services. Littlejohn Capital is based in Savannah, GA (www.littlejohncapital.com).
“Maysteel and its management team has differentiated itself as a value-added supplier and we look forward to investments in the company that will leverage its metal fabrication engineering technology,” said Angus Littlejohn Jr., Founder and Chairman of Littlejohn Capital. “The company operates in a fragmented market and we look forward to expansion in its core segments as well as adjacent markets with new products.”
“Since our acquisition in 2013, Maysteel has experienced significant growth, which is a testament to our ability to partner with management teams and commit to sustained financial and operational improvements,” said Revolution Capital Group’s Founder and Managing Partner, Robert Loring Jr.
Revolution Capital Group has offices in Tampa, New York, London and Los Angeles (www.revolutionpe.com). Aman Bajaj, Managing Director, led the transaction for Revolution Capital Group.
© 2017 Private Equity Professional | April 25, 2017
