CONTRACTORS STEEL HAS BEEN ACQUIRED BY UNION PARTNERS I LLC
Birmingham, Michigan – May 25, 2018 – Angle Advisors is pleased to announce that Union Partners I LLC (“Union Partners”) has acquired Contractors Steel Company (“Contractors Steel” or “Contractors”). Angle Advisors acted as the exclusive investment banking advisor to Contractors in completing this transaction. Varnum LLP served as the legal advisor for Contractors and transaction support was provided by Robinson, Pietras, Kalisky & Co., P.C.
Based in Livonia, MI with four additional locations in the Midwest, Contractors is a leading carbon steel service center principally serving the structural steel, construction and industrial fabrication markets. The Company is known for having one of the largest inventories of a wide variety of carbon steel products, including structural beams, angles, channels, pipe, square/rectangular tube, sheet, plate, floor plate, crane rail, grating, ship and car channels, and molded cover bars among others. Contractors also has a full range of processing capabilities that include long product, laser cutting, drilling, tapping, machining, cambering, grinding, saw cutting, shearing/press breaking, plate and structural rolling, plate processing, and plate burning. For more information, please visit www.contractorssteel.com.
"Contractors Steel is a company where entrepreneurialism and family values took hold decades ago – a model we are replicating with Union Partners today. We are honored to welcome Contractors to the family and humbled that Don Simon, who is greatly admired in the industry, has chosen us to carry on his legacy," stated Chris Hutter and Paul Douglass, co-founders of Union Partners. "Further, we have had the opportunity to work with Marc Bokas during the acquisition process and are pleased to announce that he will succeed Mr. Simon as CEO of Contractors Steel. Marc has demonstrated the passion, drive and knowledge of Contractors and we look forward to growing the legacy of the company with him."
"I am extremely grateful to have been able to serve the steel industry for as long as I have," stated Don Simon, founder of Contractors Steel. "Throughout my 60 years in the industry, I have seen a lot of changes occur and rather than shy away, my team and I embraced these shifts as opportunities to grow the business. I see that same mindset in Union Partners and believe in their determination and ability to breathe new life into the steel service center industry. I could not be happier that the legacy of Contractors, and the fantastic workforce that supports it, will continue to thrive under Union Partners' strong vision and stewardship."
Marc Bokas, CEO of Contractors Steel, added, "Union Partners' acquisition of Contractors Steel opens a range of new opportunities for our employees and customers. Their innovative, professional and forward-looking approach to business and innovation will drive us to enhance our performance and to become a top employer and supplier in our industry. Combining the best practices and policies of Contractors Steel along with those of the Union Partners' family of companies, we shall strive to produce an optimum operating entity that will meet or exceed all industry standards and expectations.” He continued, “We would like to thank the teams at Angle Advisors, Varnum, and Robinson, Pietras, Kalisky & Co. They did an outstanding job of guiding our company through this process and finding us the very best possible partner. Their collective knowledge, transaction expertise and relationships proved critical to making this a highly successful transaction for all parties.”
Union Partners, of Oak Brook, Illinois, is a hands-on, full-service investment holding company focused on acquiring portfolio companies in the metals and logistics industries for long-term ownership. Union Partners has affiliated and portfolio companies located throughout the United States with operations in California, Illinois, Indiana, Tennessee, Texas and Michigan. Founded by families with multi-generational experience in steel, real estate and logistics, Union Partners is able to provide the strategic vision, capital and resources to ensure that all of its stakeholders are positioned for success. For more information, please visit www.unionpartnersllc.com.
Angle Advisors, with offices in the United States, Germany, and China, specializes in mergers and acquisitions and capital raising with a particular emphasis on the industrial and vehicular sectors. The firm's professionals have completed 190 transactions since 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.