Alleghany Capital Corporation Announces Investment In W&W|AFCO Steel
2 May 2017
Alleghany Capital Corporation ("Alleghany Capital"), a wholly-owned subsidiary of Alleghany Corporation, today announced that it has acquired a majority interest in WWSC Holdings, LLC ("W&W|AFCO" or the "Company"), one of the largest structural steel fabrication and erection companies in North America. Headquartered in Oklahoma City, Oklahoma, W&W|AFCO provides fabricated steel through six state-of-the-art facilities for use in large construction projects primarily in North America, including commercial, industrial, and public structures, as well as stadiums and bridges.
David Van Geyzel, President and Chief Executive Officer of Alleghany Capital, stated, "We are excited that W&W|AFCO is joining the Alleghany Capital group of companies. W&W|AFCO has an impressive history and has earned a reputation for delivering the highest quality fabricated steel products and services to demanding and complex construction projects across the country. We look forward to partnering with Rick Cooper, President and Chief Executive Officer of the Company, and supporting W&W|AFCO's dedicated employees as they continue to play a vital role in building and refurbishing U.S. infrastructure."
Rick Cooper commented, "I would like to thank all W&W|AFCO employees for their hard work and dedication in helping build our Company into what it has become today. We have now reached an inflection point in our Company's evolution where the logical next step is to join forces with a strong financial partner to pursue the significant growth opportunities ahead. I am very proud of the culture of integrity and excellence that we have built since 1945 and we could not have found a better partner than Alleghany Capital, which embraces the same values and long-term perspective as W&W|AFCO."
Udi Toledano, Chairman of Alleghany Capital, added, "Although W&W|AFCO will now benefit from the backing of Alleghany Capital, the day-to-day operations of W&W|AFCO will not be impacted by the transaction, with Rick and W&W|AFCO's management team continuing to lead the Company. We are ready to support the Company's next stage of growth and ensure that W&W|AFCO is well positioned to capitalize on future opportunities."
RBI Advisors acted as financial advisor and Willkie Farr & Gallagher LLP acted as legal counsel to Alleghany Capital. Jefferies LLC acted as financial advisor and Cozen O'Connor P.C. acted as legal counsel to W&W|AFCO.