Blog

x

Register for free to get the latest news straight to your inbox

to register

Steel Dynamics Group acquired Offshore Stainless Supplies for an undisclosed amount, creating a combined company with more than 100 employees and sales in excess of £ 35 million.

Steel Dynamics, based in Blackburn, is one of the UK’s leading steel shareholders and processors with offices in the North West, North East and the Midlands.

The acquisition of Offshore Stainless Supplies, based in Walsall, West Midlands, was facilitated by new credit facilities financed by Close Brothers.

Accounting firm Cowgills said Ian Johnson and Ben Barlow provided lead advisory services in corporate finance, with full team support in debt advisory, financial due diligence, and tax advice and due diligence.

Ian Griffiths Steel Dynamics Group, Chief Executive, 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 always helped to find solutions as the nature of the deal changed several times during the process.”

Andrew Metcalfe of Close Brothers said, “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.”

Steel Dynamics offers customers in the nuclear, architectural, oil and gas, food and petrochemical industries a wide range of stainless steel in various grades.