A steel shareholder headquartered in Walsall has been bought out by a counterpart in a move that will create a group of more than 100 employees and turnover of more than Â£ 35million.
Offshore Stainless Supplies was acquired by Steel Dynamics Group under an agreement facilitated by new credit facilities financed by Close Brothers.
For over a decade, it has supplied and supported major industries for their stainless steel and nickel alloy needs.
Ian Griffiths, Managing Director of Steel Dynamics Group, said: âThe acquisition strengthens our position as the UK’s largest stainless steel sheet processor and expands our inventory and processing offering to our customers.
Ian Johnson and Ben Barlow of Cowgills provided corporate finance advisory services with support to the entire team on debt advice, financial due diligence and tax advice and due diligence .
Director Ben Day, who headed the debt advisory, added, âThis is another great acquisition that shows how strong the M&A market is today. Close Brothers has been very accommodating, continuously helping to find solutions as the nature of the operation has changed many times. through the process. “
Andrew Metcalfe of Close Brothers said: âClose Brothers is proud to support Steel Dynamics in its recent acquisition of OSSL and to provide structured credit facilities to facilitate the transaction and allow continued investment and growth.
âWe have continued to lend throughout the Covid-19 pandemic and we look forward to supporting Ian and his team as they grow and develop. “