North West-based Steel Dynamics has acquired a West Midlands firm to create a combined business with revenues of over £35m and more than 100 employees.
The Blackburn-headquartered firm is one of the UK’s biggest steel stockholders and processors with offices in the North West, North East and Midlands, with customers in the nuclear, architectural, oil and gas industries.
The firm said the acquisition of Walsall-based Offshore Stainless Supplies Ltd was facilitated through new debt facilities financed by banking group Close Brothers.
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.
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Ian Griffiths, CEO of Steel Dynamics Group Ltd, 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 director Ben Day, who led on debt advisory, said: “This is another great acquisition which shows how strong the M&A deal market is at present.
“Close Brothers were really accommodating, continually helping to find solutions as the nature of the deal changed several times through the process.”
Andrew Metcalfe from Close Brothers added: “Close Brothers are proud to support Steel Dynamics on their 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.”