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Peak Rock Exits Main Steel

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Peak Rock Capital has sold its portfolio company Advanced Alloy Processing Holdings, the parent of Main Steel, to Samuel, Son & Co. Peak Rock acquired Main Steel (then Main Steel Polishing Company) in November 2014 from metals fabricator Shale-Inland.

Main Steel is a processor and polisher of stainless steel, aluminum, and nickel alloys.  The company’s products are used in a range of markets, including transportation, fabrication, petrochemical and food service.  Main Steel, led by CEO Paul Patek, has a network of processing facilities located near Chicago in Elk Grove Village, IL (headquarters); Atlanta, GA; Harmony, PA; and Riverside, CA (www.mainsteel.com).

During Peak Rock’s term of ownership the company made a number of operational improvements which grew its toll processing business (performing a service on a customer’s product for a fee) and it also made investments in Main Steel’s facilities which improved quality, productivity, and processing capabilities.

“We are proud of our success at Main Steel. Working closely with an outstanding management team led by Paul Patek, we supported a significant transformation of the company, rapidly growing its toll processing volumes while expanding key strategic relationships,” said Peter Leibman, Managing Director of Peak Rock Capital.

Peak Rock makes debt and equity investments of $20 million to $150 million in middle market companies with revenues from $50 million to $1 billion and enterprise values from $25 million to $500 million. Sectors of interest include business and commercial services; consumer; distribution and logistics; energy and related services; healthcare; industrials; manufacturing, metals, and media. The firm is based in Austin (www.peakrockcapital.com).

“Peak Rock Capital has been an exceptional owner for Main Steel and a great partner to our team,” said Mr. Patek. “They provided the resources and consistent support necessary to enable the success of our strategic and operational initiatives.”

Samuel, Son & Co., the buyer of Main Steel, is a metals and industrial products manufacturer, processor and distributor. Samuel is the fifth largest processor and distributor of carbon steel, stainless steel, and aluminum in North America and has over 100 steel service centers and manufacturing facilities. The company is family-owned and operated and was founded in 1855 with headquarters near Toronto in Mississauga, ON (www.samuel.com).

KeyBanc Capital Markets was the financial advisor to Main Steel on this transaction.

© 2017 Private Equity Professional | November 17, 2017

Calvert Street Buys Abrasive-Form

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abrasive nf55Calvert Street Capital Partners has acquired Abrasive-Form, a precision creep-feed grinding manufacturer serving the industrial gas turbine, aerospace, automotive, and general industrial markets.

Creep feed grinding is a method of machining intricate forms and slots in a wide variety of materials. The process has several advantages over other machining and grinding methods, including increased accuracy, efficiency, improved surface finishes, burr reduction and the ability to grind heat treated materials.  Creep feed grinding was invented in Germany in the late 1950s by Edmund and Gerhard Lang.

abrasive nf2Abrasive-Form’s product portfolio includes more than 400 custom-engineered metal component parts including turbine blades, vanes, shrouds, rotors, and sprockets. Abrasive-Form was founded in 1976 and is headquartered west of Chicago in Bloomingdale, IL (www.abrasive-form.com).

“We are thrilled to have found a partner who shares our vision for the next evolution of Abrasive-Form. With their growth orientation and operational expertise, Calvert Street will help us accelerate the implementation of our strategic growth plan,” said John Harig, President of Abrasive-Form.

Calvert Street makes control investments of $10 million to $20 million in companies that have an EBITDA from $5 million to $15 million and are located in the US or Canada.  Sectors of interest include industrial services, business services, healthcare IT, and specialty manufacturing sectors. The firm was founded in 1995 and is based in Baltimore (www.cscp.com).

Mid-market investment bank Livingstone Partners was the financial advisor to Abrasive-Form for this transaction. “Abrasive-Form has developed a leading global market position in the niche precision form grinding sector,” said Karl Freimuth, a Director at Livingstone. “We are proud to have advised Abrasive-Form on a successful sale and to have found an ideal partner in Calvert Street to support the company’s ambitious future growth plan.” Mr. Freimuth led the transaction for Livingstone.

Livingstone focuses on M&A and private capital transactions with values between $30 and $300 million in five sectors: business services; consumer; healthcare; industrial; and media & technology.  Abrasive-Form is Livingstone’s latest transaction in the power generation sector, a growing focus for the firm’s industrial team.  Livingstone is based in Chicago and has five international offices in Beijing, Dusseldorf, London, Madrid and Stockholm (www.livingstonepartners.com).

Godfrey & Kahn (www.gklaw.com) was the legal counsel to Abrasive-Form and Willkie Farr & Gallagher (www.willkie.com) advised Calvert Street.

© 2015 PEPD • Private Equity’s Leading News Magazine • 10-28-15

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