Metals

Customized Solutions. Superior Execution.
Unparalleled Results.

Western Reserve’s professionals have deep experience in the metals sector, having completed 90 transactions worth approximately $9 billion in the following sectors:

  • Fabricated Structural Metal Products
  • Iron & Steel Forgings and Foundries
  • Rolling, Drawing & Extruding of Diversified Metals

Representative Experience

American Compressed Steel

lucite-americancompressedAMERICAN COMPRESSED STEEL, INC.

Western Reserve acted as exclusive financial advisor to American Compressed Steel Inc. (“ACS”) in its sale to The David J. Joseph Company (“DJJ”), a wholly owned subsidiary of Nucor Corporation (NYSE:NUE).

Founded in the 1930s and based in Kansas City, Missouri, ACS was purchased in 1974 by Maurice Warshawsky and his sons. It has since grown to become a leading Midwest scrap metal processor. With three strategically located Missouri-based facilities, ACS processes both ferrous and nonferrous scrap, with a focus on industrial accounts.

ACS’ shareholders elected to explore a potential sale of the company and identify a partner with the resources to support the management team’s growth plans. ACS retained Western Reserve as its exclusive investment banker who advised the company through a highly confidential, but competitive, process.

ACS was acquired by DJJ in August 2008. Headquartered in Cincinnati, Ohio, DJJ is a world leader in scrap processing and trading. The company provides a full line of metal-related services, including procurement services for scrap consumers, ferrous and nonferrous scrap trading and processing and international scrap and substitutes marketing. Immediately preceding its acquisition of ACS, DJJ acquired and renamed ACS’ primary competitor, Galamba Metal Group, LLC to Advantage Metals Recycling, LLC. Post-transaction DJJ combined the operations of ACS and Advantage Metals and is expected to benefit from the synergies of the two companies, including significant cross-selling opportunities and the ability to provide an expanded variety of services to its customers. Arnold Warshawsky, Jeffrey Ross, Anthony Ross and Allan Ross, who helped acquire ACS with their father/step-father, continue to play an active role in the company and oversee its daily operations.

Anthony Ross, Vice President of ACS, said, “We are pleased with Western Reserve and their commitment to obtaining the highest value for ACS’ shareholders. As advisors, they successfully helped us in evaluating and selecting a great strategic partner whose corporate culture fits well with our values. Western Reserve’s dedication to providing quality and timely client service pervades within the entire firm, and we are fortunate to be represented by advisors of such high caliber.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Anomatic

anomatic3ANOMATIC CORPORATION

Western Reserve acted as exclusive financial advisor to Anomatic Corporation in its recapitalization by Brookstone Partners.

Anomatic, headquartered in Newark, Ohio, is the leading provider of high-volume anodized aluminum packaging components and custom decorative assemblies to global cosmetics packaging companies.  The company has the ability to stamp, clean, buff, anodize, decorate and assemble a wide variety of aluminum components, including lipstick cases, mascara shells and collars, caps and threaded closures for lotions and fragrances.

In an effort to improve shareholder value through domestic and international growth, Anomatic’s shareholders engaged Western Reserve to identify a financial partner that would enable the company to execute its growth plan domestically, as well as pursue international expansion.  Through a competitive auction process, Western Reserve introduced Anomatic to several potential financial partners.

Anomatic was recapitalized by Brookstone in November 2005.  Brookstone, headquartered in New York, New York, is a private equity firm that seeks to acquire companies or invest in growth equity situations in the middle market.  Brookstone was selected based on its shared vision for the business and its recognized track record of success in international expansion and unique expertise in creating manufacturing efficiencies.  The transaction provided Anomatic’s shareholders with partial liquidity, an ongoing equity ownership in the business and a sophisticated financial partner to help execute its growth plan, all while retaining operational control.

Scott Rusch, Vice President of Anomatic, said, “Western Reserve did an outstanding job of identifying the right financial partner for us and helping us through all stages of the transaction. Their experience and dedication to the project resulted in a timely and efficient result.  They were great to work with.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Excel

lucite-excelEXCEL MINING SYSTEMS, INC.

Western Reserve represented Excel Mining Systems, Inc. in its sale to SPG Partners, LLC.

Founded in 1991 by Bruce Cassidy, President, Chief Executive Officer and majority owner, Excel is the leading producer and manufacturer of roof bolts and related roof support control products to the U.S. underground coal mining industry.  Headquartered in Bowerston, Ohio, Excel has six manufacturing sites: Bowerston, Cadiz and Proctorville, Ohio; Grundy, Virginia; Marion, Illinois; and Clearfield, Utah.  Roof bolts and related products are essential to the safe and productive underground mining of coal.

Management decided to explore the sale of the company to allow shareholders to achieve liquidity while ensuring new ownership supportive of Excel’s growth strategy.  Excel retained Western Reserve as its exclusive investment banker to assist in exploring its options, and through a highly confidential but competitive process, Western Reserve introduced Excel to a select group of buyers, assisted in negotiating the transaction price and helped draft the purchase agreement.

Excel was acquired by SPG in October 2006.  Based in New York, New York, SPG is a private equity firm that leverages the expertise of its exclusive Operating Partners, who are seasoned industry executives.  CitiGroup Private Equity was a significant co-investor in the transaction, along with key members of Excel’s senior management team.

Mr. Cassidy said, “The team at Western Reserve did a terrific job in putting us together with SPG and then working through the many details of the transaction.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Sharon Custom Metal Forming

lucite-sharoncustomSHARON CUSTOM METAL FORMING

Western Reserve acted as exclusive financial advisor to Sharon Custom Metal Forming, Inc. (“SCMF”) in its sale to Roll Forming Corp., a subsidiary of voestalpine AG.

Founded in 1997 and based in Farrell, Pennsylvania, SCMF is a manufacturer of highly-engineered, complex roll formed shapes and metal fabrications.  Its products are utilized in a variety of industries, including energy, health care, materials handling and various other commercial and consumer products markets.

SCMF’s shareholders, a group of local entrepreneurs, were seeking to achieve liquidity and identify a partner best suited to support the company’s long-term objectives.  They retained Western Reserve to assist in the sale of the business, and Western Reserve worked with shareholders and management to identify a strategic solution that would allow SCMF to retain its identity and grow its capabilities.

SCMF was acquired by Roll Forming Corp. in January 2008.  Roll Forming Corp., based in Shelbyville, Kentucky, provides roll formed products to a diverse range of markets and applications throughout North America.  Its parent company, voestalpine, based in Krems, Austria and traded on the Vienna Stock Exchange, manufactures a wide variety of steel products and has revenues in excess of $12.0 billion.  The acquisition of SCMF expanded Roll Forming Corp.’s domestic presence and created one of the most widely capable roll formers in North America. 

Robert Jazwinski, Chairman of SCMF, commented, “Western Reserve was very responsive to our needs and added value to our transaction.  I was impressed with the entire team, their flexibility, attention to detail and follow-through.”  

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Superior Production

SuperiorSUPERIOR PRODUCTION LLC

Western Reserve acted as exclusive financial advisor to Superior Production, LLC (d/b/a The Superior Die, Tool and Machine Company) in its recapitalization by PNC Bank National Association and KeyBank National Association.

Founded in 1914 and headquartered in Columbus, Ohio, Superior is a 3rd-generation, family-owned business providing quality-certified stampings, assemblies and tool and die sets to a variety of industrial markets.  The company operates out of two facilities in Columbus that comprise more than 355,000 square feet of manufacturing and warehouse space.  Superior maintains a broad range of presses, mills and lathes, positioning it to manufacture and machine large steel components and tool and die sets for companies such as Honda, General Motors, MTD Products and Whirlpool.

As a result of the recent economic recession, Superior’s balance sheet restricted the opportunity to grow with its customers and continue its strategy of further end market diversification.  Western Reserve introduced the company to a broad range of financial investors and senior debt providers and assisted Superior in negotiating key structural and financial terms with numerous parties.  In February 2011, the company refinanced its Senior Secured Revolving Credit Facility and Senior Secured Term Loan with its existing bank group, consisting of PNC Bank National Association and KeyBank National Association.

Dick Holstein, Chief Executive Officer of Superior, said, “We are very pleased to have a long-term financing arrangement in place and are very appreciative of the excellent work by Western Reserve.  This commitment by the banks positions our company to maintain our strong relationships with our existing customers and expand into new markets.”  

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Tenere

lucite-tenereTENERE INC. (PORTFOLIO COMPANY OF STONEHENGE PARTNERS INC.)

Western Reserve Partners served as the exclusive investment banker to Tenere Inc., a portfolio company of Stonehenge Partners, Inc., in the sale of the business to The Watermill Group, a strategy-driven private investment firm based in Lexington, Massachusetts.  The transaction was led by Managing Director Joseph Carson and Vice President Rebecca White of the Industrial Group, supported by Analyst Christopher Santagate.

Headquartered in Dresser, Wisconsin, Tenere is a full-service designer and fabricator of complex metal and plastic components and assemblies.  Tenere fabricates sheet metal, injection molded products and machined products, as well as providing integration and system-level assembly services for original equipment manufacturers (OEMs) in the network communications, enterprise software, agriculture, medical and aerospace industries.

“We enjoyed representing Tenere’s shareholders and working with the management team through this process,” said Ms. White.  “As a result of Stonehenge’s longstanding partnership, Tenere was well-positioned with strong leadership, state-of-the-art facilities and excellent customer relationships.  Watermill’s strategic insight and management expertise will make for a very valuable partnership going forward.”

“I believe Tenere’s potential is limitless,” said Jon Fisk, Tenere’s chief operations officer. “We’re approaching a critical phase in the growth of our company, and Watermill is the right partner to help us expand and scale to the needs of our customers.”

Of working with Western Reserve, Stephen Kimpel, Principal at Stonehenge, said, “We appreciate the expertise and dedication that the Western Reserve team put into this process to ensure a successful outcome for our shareholder group and provide an ideal partner for Tenere’s management team and employees.”

Stonehenge Partners, based in Columbus, Ohio, manages $700 million in committed mezzanine debt and equity capital and is currently investing from a $250 million fund.  Stonehenge targets investments of $5 million to $25 million with a focus on companies with strong market positions in Niche Manufacturing, Value-Add Distribution, Business Services, and Healthcare.

The Watermill Group is a strategy-driven private investment firm that revitalizes companies to reach their full potential. For more than three decades, Watermill has been acquiring, operating and improving companies. Watermill looks for businesses at a crossroads and applies a unique combination of strategic insight and management expertise to re- imagine their future and drive growth.

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Other Metals Clients

  • The Burger Iron Company

    Western Reserve acted as exclusive financial advisor to The Burger Iron Company (“BICO”) in the repurchase of common shares and recapitalization of the company.

    BICO, founded in 1896 and headquartered in Mogadore, Ohio, is a leading processor and fabricator of heavy gauge steel plate to its customers in a variety of industries including automotive and truck, consumer products, building products and capital equipment.  The company specializes in steel plate greater than 2” thick and has processing capabilities include annealing, flame cutting, surface grinding, heat treating, milling and welding, which are available from its Michigan, Ohio and South Carolina locations.  BICO’s customers operate in a variety of industries including automotive and truck, consumer products, building products and capital equipment.

    Western Reserve worked with BICO’s Board of Directors to identify a financial solution that best suited the company’s long term objective, and BICO was recapitalized in August 2006.  The transaction enabled the company to provide liquidity to its shareholders as well as facilitate continued growth of the business.

    Tom Fiocca, President and Chief Executive Officer of BICO, commented, “The team at Western Reserve did an outstanding job of identifying an innovative financial solution for us and helping us through all stages of the transaction. Their expertise and dedication to executing the transaction resulted in a very favorable outcome for our company and shareholders.  They were a pleasure to work with.”

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    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • American Roll Formed Products

    Manufacturer of roll formed products

    Provided valuation services

  • Cold Metal Products Inc.

    Manufacturer of strip steel and sheet steel for automotive, construction, cutting tools, and consumer goods as well as specialty steel distributors

    $30 million initial public offering of common stock

  • Gerstenlager Company

    Manufacturer of exterior sheet metal components for the automotive service and original equipment markets

    Sold to: Worthington Industries, Inc. (Columbus, OH)

  • Ohio Moulding Corporation

    Western Reserve acted as exclusive financial advisor in the recapitalization of The Ohio Moulding Corporation (“OMCO”).

    OMCO, founded in 1955 and headquartered in Wickliffe, Ohio, is a leading provider of highly engineered roll formed products, primarily to niches in the over-the-road trailer, specialty trailer, specialty truck, commercial refrigeration and other industries.  It manufactures roll formed products through two subsidiaries, Midwest Roll Forming & Mfg., Inc., located in Pierceton, Indiana and WG Corporation, located in Morgantown, Pennsylvania.

    Western Reserve worked with OMCO’s shareholders and senior management to refinance the company’s existing credit facilities and recapitalize the business. The new capital structure was comprised of a five-year senior secured revolving credit facility and term loan and a senior subordinated note issuance due in 2011. The transaction enabled OMCO to provide liquidity to its shareholders and facilitate the company’s continued growth.

    Ben Yorks, OMCO’s Chief Executive Officer, commented, “We are very pleased with the technical and strategic support Western Reserve provided us in executing this complex transaction. Their expertise and dedication to executing the transaction resulted in a very favorable outcome for our company and shareholders.”

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    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • Olympic Steel Inc.

    Steel service center

    Provided strategic advisory services in the acquisition of Chicago Tube & Iron Company (Chicago, IL)
  • OmniSource Corp.

    Diversified scrap metal processing and trading concern

    Provided appraisal services

  • Steel Dynamics Inc.

    Steel mini-mill company formed by three steel industry entrepreneurs

    $181 million initial public offering of common stock
  • Claymont Steel Holdings, Inc.

    Western Reserve provided a fairness opinion to the Board of Directors of Claymont Steel Holdings, Inc. in the company’s sale to Evraz Group S.A.

    Claymont Steel Holdings, Inc., based in Claymont, Delaware, is the only mini-mill in North America specializing in the manufacture and sale of high quality custom discrete steel plate.  The company serves all major plate markets, including service centers, bridge fabricators, railcar manufacturers, material handling equipment, heavy construction machinery, mining equipment, storage tanks, pressure vessels and shipbuilding.

    Evraz approached Claymont Steel with a series of proposals for a possible transaction.  Headquartered in Luxembourg, Evraz is a large vertically-integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, Europe, USA, Canada and South Africa.

    Western Reserve was selected to provide Claymont Steel’s Board of Directors with an independent valuation of the company and to serve as a resource in the Company’s ongoing negotiations with Evraz.  The written opinion and a summary of Western Reserve’s analysis were included in Claymont Steel’s solicitation statement filed with the SEC, and the transaction was consummated in January 2008.

    Claymont Steel’s Chief Executive Officer Jeff Bradley commented, “Western Reserve provided outstanding service as our company undertook the single most important transaction in its history, delivering high-quality and timely analysis and advice to the Board of Directors during the process.”

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    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

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