Metal Dynamics acquires Offshore Stainless Provides to create £35m-turnover enterprise
North West-based Steel Dynamics has acquired a West Midlands company to create a combined company with sales of over £ 35 million and more than 100 employees.
Headquartered in Blackburn, the company is one of the UK’s largest steel shareholders and processors, with offices in the North West, North East and the Midlands serving clients in the nuclear, architectural, oil and gas industries.
The company said the acquisition of Walsall-based Offshore Stainless Supplies Ltd was facilitated by new credit facilities funded by the Close Brothers banking group.
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Ian Johnson and Ben Barlow from Cowgills provided lead advisory services in corporate finance and supported the entire team with debt advice, financial due diligence, and tax advice and due diligence.
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Ian Griffiths, CEO of Steel Dynamics Group Ltd, said: “The acquisition strengthens our position as the largest stainless steel processor in the UK and expands our inventory and processing capabilities for our customers.”
Cowgills director Ben Day, who led debt counseling, said, “This is another great acquisition that shows just how strong the market for M&A deals is right now.
“Close Brothers were very accommodating and constantly helping to find solutions as the nature of the deal changed several times over the course of the process.”
Andrew Metcalfe of Close Brothers added, “Close Brothers is proud to assist Steel Dynamics in its most recent acquisition of OSSL and to provide structured credit facilities to facilitate the transaction and enable continued investment and growth.
“We continued to lend during the Covid-19 pandemic and look forward to helping Ian and the team grow and develop the business.”
