Toronto – CFI Canada acted as the exclusive corporate finance advisor to Maksteel Corp. on its sale to Union Partners I LLC.
Chicago based Union Partners has acquired Maksteel, a world class steel service center, toll processor and logistics solutions provider located in Mississauga, Ontario. The Maksteel campus encompasses over 27 acres of land and includes a 200,000 square foot production facility along with gantry-serviced outdoor storage area to stock and service the material needs of a wide variety of industries including agriculture, pipe and tube, automotive, construction, and oil and gas.
Maksteel joins Union Partners’ growing family of metals and logistics-focused companies, which include Lamination Specialties, Mapes & Sprowl, Cortran, Lee Steel, Berg Steel, Chicago Steel, JIT Steel Service, JIT Steel Transport, Opus Metals and its greenfield development on the campus at Big River Steel. This strategic addition enables Union Partners to offer an increased geographical footprint and to provide enhanced products and services to better serve its North American customer base. In line with all Union Partners’ companies, Maksteel prides itself on its people, products and services.
Founded in 1970, Maksteel (www.maksteel.com) was the first service center in Canada to process advanced high strength steels (AHSS) and martensitic steels as part of their extensive supply of material types and grades. The company offers operational capacity exceeding 700,000 tons of material annually on both a toll and resale basis. Specific capabilities include slitters that can accommodate coil widths up to 75″ with thicknesses ranging from light (0.010″) to heavy (0.625″) gauges. The company maintains an expansive inventory to ensure comprehensive product availability for customers at all times.
In addition to Maksteel’s expertise in steel sourcing and processing, the company also owns, operates and maintains a dedicated transportation fleet, allowing the organization to be a full supply chain partner to its customers and vendors. All Maksteel services and commitments to on-time delivery and quality will be maintained and enhanced as the company transitions to the Union Partners family.
“We couldn’t be more excited for Maksteel to join the family,” stated Union Partners co-founders Chris Hutter and Paul Douglass. “Along with the dedicated employees and their deep expertise, we are acquiring a premier steel service center and processor with unmatched capabilities, enabling us to further provide superior products and services to a variety of industries throughout North America. Yesterday represented another significant milestone in our journey and we look forward to continuing to grow our market offering in the future.”
“I want to offer my congratulations and best wishes to Union Partners on their acquisition of Maksteel,” said R.S. (Butch) Mandel, immediate past Chairman of Maksteel and President and CEO of The Welded Tube Group of companies. “Union is acquiring an outstanding workforce led by an experienced and savvy management team. I am certain that Maksteel will be a great addition to their portfolio of companies and prove to be a stellar performer for years to come.”
The transaction was closed on 11 April, 2018.
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