Maysteel Industries, a portfolio company of Littlejohn Capital, has acquired Star Precision Manufacturing.
Maysteel specializes in designing, engineering and manufacturing custom OEM sheet metal enclosures, electrical cabinets and metal fabricated assemblies. The company’s products are used in the alternative energy, kiosk, gaming, security, medical, utility, industrial drive and automation, data center, and self-serve/vending machine industries.
Maysteel was founded in 1936 and has 700 employees and 835,000 square feet of facilities in five locations in Allenton, Wisconsin (240,000 sq. ft. and headquarters); Sumter, South Carolina (135,000 sq. ft.); Lynchburg, Virginia (130,000 sq. ft.); Garland, Texas (130,000 sq. ft.) and Monterrey, Mexico (200,00 sq. ft.).
Littlejohn acquired Maysteel, led by CEO Kevin Matkin, in April 2017 from Revolution Capital Group. In December 2017, the company added on with the buy 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, a portfolio company of Resilience Capital Partners.
Star Precision
provides sheet metal fabrication services to companies operating in the utilities, telecommunications, scientific instrument, medical, data storage, and recreational vehicles sectors. The company’s capabilities include sheet metal manufacturing; laser, punching and forming; welding, grinding and finishing; powder coating; mechanical assembly; and machining. Star Precision, led by its CEO and owner John Wislawski, operates a 100,000 sq. ft. facility near Denver in Frederick, Colorado.
“It was important to me that the new owner of Star Precision share the same values for our customers and employees and take what we’ve built over the past 16 years and move the company forward,” said Mr. Wislawski. “Maysteel’s local approach to serving the needs of customers is a strong cultural fit with Star Precision, and we look forward to building Star Precision’s capabilities to broader geographies. We are very pleased to be a part of Maysteel and with their additional resources, product lines and talent we will be able to better serve our customers with quality products and service.”
“Star Precision is a complementary addition to our growing platform as we continue to scale and diversify our metal production and machining capabilities,” said Mr. Matkin. “For over 15 years, Star Precision has built its reputation serving customers in Colorado, and we hope to build on the relationships they have established to offer additional products and services across different markets. Star Precision is an essential piece to our future success and growth, and we are excited to have the company and its people as part of Maysteel.”
“We are excited to continue to build Maysteel into the leading metal solutions provider in North America,” said Angus Littlejohn III, the president of Littlejohn Capital. “Star Precision further develops our internal capabilities and geographical presence allowing us to better serve our customers.”
Savannah, Georgia-based Littlejohn 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 from EBITDA between $2 million and $12.5 million. Sectors of interest include manufacturing, fabrication, processing, logistics, materials, and services.
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