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A Walsall-headquartered steel stockholder has been snapped up by a counterpart in a move that will create a group with more than 100 employees and revenues of more than £35m.
Offshore Stainless Supplies has been snapped up by Steel Dynamics Group in a deal facilitated through new debt facilities financed by Close Brothers.
It has been supplying and supporting major industries with their stainless steel and nickel alloy requirements for more than a decade.
Ian Griffiths, chief executive of Steel Dynamics Group, said: “The acquisition reinforces our position as the largest stainless plate processor in the UK and broadens our inventory and processing offering to our customers.”
Cowgills’ Ian Johnson and Ben Barlow provided corporate finance lead advisory services with support across the team on debt advisory, financial due diligence and tax advice and due diligence.
Director Ben Day, who led on debt advisory, added: “This is another great acquisition which shows how strong the M&A deal market is at present. Close Brothers was really accommodating, continually helping to find solutions as the nature of the deal changed several times through the process.”
Andrew Metcalfe from Close Brothers said: “Close Brothers is proud to support Steel Dynamics on its recent acquisition of OSSL and providing structured debt facilities to facilitate the transaction and allow continued investment and growth.
“We have continued lending throughout the Covid-19 pandemic and we look forward to supporting Ian and the team as they grow and develop the business.”
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