New Star Metals, a portfolio company of Insight Equity, has acquired substantially all of the assets of Canfield Metal Coating Corporation. As part of the transaction, New Star has reorganized the acquired assets under a new division called Canfield Coating LLC.
“We are pleased to further broaden the New Star platform through the Canfield acquisition and we look forward to pursuing other potential acquisition targets in the metals space,” said Jack Waterstreet, a Principal at Insight Equity.
Canfield provides galvanized and painted steel coils to a variety of companies in the packaging, automotive, and construction industries. The company operates out of a single site facility in Canfield, OH (www.coilcoat.com).
Insight Equity acquired New Star Metals in August 2012. New Star provides steel processing and supply chain services across an array of end markets. The company operates through two divisions, Premier Resource Group (steel service center) and Electric Coating Technologies, (provider of electro-galvanizing services). New Star is headquartered in Burr Ridge, IL (www.newstarmetals.com).
“We are excited to bring Canfield onto the New Star team. Canfield compliments the capabilities we have at our Electric Coating Technologies division and in the coming months we will be working hard to implement the best practices from both divisions,” said Pat Murley, CEO of New Star.
Insight Equity makes control investments in middle market, asset intensive companies across a range of industries and specializes in partnering with companies experiencing some level of underperformance. Insight Equity also seeks complex and challenging situations, including public to private transactions, corporate divestitures, bankruptcies, restructurings and private family ownership. The firm is based in Dallas and also has an office in New York (www.insightequity.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-9-13