Complementary Business Will Extend PNA’s Reach in North America
LOS ANGELES (June 7, 2006) – Platinum Equity announced today that it has acquired Metals Supply Co. Ltd. (“MSC”), a large regional steel service center and distributor with annual revenue in excess of $100 million. The business will be integrated with PNA Group, a $1.5 billion revenue steel service and distribution platform that was acquired by Platinum Equity in May 2006.
“Metals Supply Company has established a strong regional presence in Texas and the surrounding states, and we think it will be a terrific complement to the existing three businesses that make up PNA Group,” said Jacob Kotzubei, senior vice president for mergers & acquisitions at Platinum Equity. “We intend to integrate MSC into PNA Group, where it will operate alongside PNA’s Delta Steel, Feralloy and Infra-Metals units.”
MSC is headquartered in Houston, Texas, and provides structural carbon steel products to commercial and industrial steel fabricators, metal building manufacturers, third-party distributors and other customers. The business was acquired from a private shareholder group. Financial terms were not disclosed.
PNA Group processes steel and distributes it to fabricators, manufacturers and distributors, primarily in the United States. In addition to MSC, it comprises the following independent business units:
– Feralloy, which provides hot-rolled, pickled and oiled, cold-rolled coiled steel;
– Delta Steel, which provides plates, structural beams, channels, tubes, hot-rolled coiled steel and multiple value-added steel processing services;
– Infra-Metals, which provides steel structural products.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has acquired more than 60 businesses with more than $13 billion in aggregate revenue at time of acquisition.