Littlejohn Capital has completed the sale of Maysteel Industries to Steele Solutions, a portfolio company of Revelar Capital since June 2020.
Maysteel specializes in designing, engineering, and manufacturing custom sheet metal enclosures, electrical cabinets, and metal fabricated assemblies. The company’s products are used in the alternative energy, kiosk, gaming, security, medical, utility, data center, and self-serve/vending machine industries.
Littlejohn acquired Maysteel, led by CEO Kevin Matkin, in April 2017 from Revolution Capital Group. In December 2017, the company completed an add-on acquisition with the purchase of DAMAC Products, a California-based manufacturer of data center infrastructure equipment; and in December 2019, it merged with Porter Group, a North Carolina-based provider of metal fabrication services to the security, military, mining, heavy equipment, and trucking industries, and a portfolio company of Resilience Capital Partners. Maysteel’s most recent add-on acquisition was the January 2024 acquisition of Star Precision, a Colorado-based provider of sheet metal fabrication services to companies operating in the utilities, telecommunications, scientific instrument, medical, data storage, and recreational vehicles sectors.
Maysteel, led by CEO Kevin Matkin, was founded in 1936 and operates six facilities across Wisconsin (two), Virginia, Texas, Colorado, and Mexico, totaling 950,000 square feet.
“Maysteel provides mission-critical applications where the cost of failure is high. Our internal engineering, project management, and manufacturing capabilities distinguish Maysteel’s tailored solutions in ‘cannot fail’ applications and has allowed us to serve some of the leading companies in the data center and grid infrastructure markets,” said Mr. Matkin. “Together with Littlejohn, we executed transformative initiatives to make Maysteel an ideal collaborative partner with our customers who rely on the full scope of our capabilities. Our people and technology have made the company a leader in its industries for 90 years, and we are well situated now to support the needs of a strong base of existing customers as we continue to capitalize on a strong pipeline of new activity.”
Steele Solutions manufactures engineered steel structures used inside distribution centers, manufacturing plants, and warehouse facilities, with products designed to support automation equipment and material handling systems.
The company’s product portfolio includes custom steel mezzanines—elevated platforms that increase usable floor space—work platforms for conveyor and robotics integration, equipment support structures that stabilize automated picking systems, and security lockers. The company also provides engineering design, fabrication, and installation services. Steele Solutions was founded in 1996 and is headquartered in Milwaukee.
“This partnership with Maysteel is the result of extensive diligence and thoughtful planning from both teams. We were deliberate about finding a partner whose people, values, capabilities, and approach mirror our own,” said Kevin O’Neill, the CEO of Steele Solutions. “Our top priority is ensuring our customers experience zero disruption. Maysteel has built an exceptional reputation for quality and reliability, and we’re excited to welcome their talented team into the Steele Solutions family.”
“We acquired Maysteel to further develop its high-value products in new end markets and enhance its ability to deliver market-focused, customer-driven solutions,” said Angus Littlejohn III, president of Littlejohn Capital. “During our ownership we delivered on those goals and expanded operations from two facilities into a full-scale manufacturer of precision sheet metal whose substantial footprint spans across North America. Several key acquisitions allowed us to enter new rapidly growing markets, in particular the data center and essential infrastructure markets. We are proud of our partnership with Kevin and the team at Maysteel knowing that the company is firmly positioned with clear growth momentum.”
Savannah, Georgia-based Littlejohn Capital invests from $5 million to $15 million ($30 million including co-investment partners) in North American-based companies that are valued from $20 million to $75 million and have EBITDA ranging from $2 million to $12.5 million. Sectors of interest include manufacturing, fabrication, processing, logistics, materials, and services. The firm is affiliated with Angus C. Littlejohn Jr., co-founder of Littlejohn & Co., where he serves as chairman emeritus.
Revelar Capital, formerly Wellspring Capital Management, invests in companies operating in the healthcare services, business services, and specialty manufacturing sectors. The firm has offices in New York City and Palm Beach.
Lincoln International was the financial advisor to Maysteel on this transaction.
