Maysteel Industries, LLC and Porter's Group Announce Merger

February 10, 2020 - "Company News"

PortersGroupMerger

 

 

ALLENTON, Wis. and GASTONIA, N.C., Dec. 23, 2019 /PRNewswire/ -- Maysteel Industries, LLC ("Maysteel"), and Porter's Group announced today a merger of the two companies creating a leading custom sheet metal fabricator serving a number of industries.  The company will continue to operate under the Maysteel brand name.

Maysteel specializes in designing, engineering and manufacturing custom sheet metal enclosures, cabinets, kiosks and racks for specific industry solutions from its locations in Wisconsin, California and Monterrey, Mexico. Porter's Group is a custom metal fabricator that serves 20 diverse industries from its three manufacturing locations in Lynchburg, Virginia, Sumter, South Carolina and Garland, Texas. The combined company will have over 1,000 employees with six manufacturing locations covering the U.S. and Mexico, and manufacturing partner locations in Europe.

Maysteel is a portfolio company of Littlejohn Capital, LLC and Porter's Group is a portfolio company of Resilience Capital Partners. Both firms continue as equity owners of the combined company.

Kevin Matkin, Chief Executive Officer of Maysteel, who serves as CEO of the newly-combined company, said, "This merger creates a dynamic company and a much stronger competitor that responds to the needs of our customers and markets we serve.  With greater scale, improved market leadership, increased engineering expertise, complementary strengths and geographic reach we have a broader product base to offer our customers from locations where customers need us. Current and future customers of Maysteel will benefit from the successful integration of these two leading companies and we are very excited to add the talent, experience, and manufacturing expertise of the Porter's Group team."

Maysteel was acquired in 2017 by LJC Investments III, LLC, an investment vehicle controlled by Littlejohn Capital, LLC.  Angus C. Littlejohn Jr., founder and Chairman of Littlejohn Capital, LLC said: "As a result of the hard work of Kevin and his team, Maysteel has achieved many milestones, including completing an important acquisition that positioned Maysteel with a significant presence in the growing data center market.  The combination of these two companies greatly accelerates an already strong growth trajectory, and we look forward to continue supporting their efforts that will better serve Maysteel's customers."
 
Guy Roberts, formerly CEO of Porter's Group, now serves as Chief Operating Officer of Maysteel.  Mr. Roberts commented: "We welcome this merger with a highly regarded industry peer and look forward to complementing Porter s' locations with Maysteel to offer all current and future customers geographic reach across North America and Europe.  The continued support from Littlejohn Capital and Resilience Capital allows us to benefit from the combined resources of these two firms who have extensive expertise in our industry."
 
Bassem A. Mansour, Co-CEO, Resilience Capital Partners also added: "We look forward to becoming partners with the teams at Littlejohn Capital and Maysteel. Both bring tremendous resources and experiences to the combined companies. We are like-minded in our approach and we are confident that the future is bright for Maysteel."
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