Union Partners I LLC of Oak Brook, Ill. has acquired Royal Oak-based Berg Steel Corp.

Union Partners bought the steel service center in Royal Oak, effective Monday. There will be no interruption in service, according to a news release.

"We chose to sell to Union Partners based on their demonstrated success in delivering positive outcomes to customers, vendors and employees," said Mark Berg, CFO, vice president of finance and treasurer of Berg Steel, in a statement. "We are very proud of what the entire team at Berg Steel has accomplished during its 46 years in business and feel fortunate to have Union Partners' operating expertise and commitment to quality drive the company's success for decades to come."

Angle Advisors was the investment banking adviser to Berg Steel in completing this transaction, according to the news release. Financials of the transaction were not disclosed.

"This acquisition is a perfect complement to our Michigan infrastructure in Grand Rapids, Gibraltar and Farmington Hills; and we are excited to welcome Berg Steel to our family of companies," said Paul Douglass, co-founder of Union Partners, in a statement.

Union Partners is an investment holding company focused on acquisitions in the metals and logistics industries for long-term ownership. Berg Steel is a service center that supplies customers with steel in coil, sheet or blank form, according to its website.

 

Source : crainsdetroit.com

Report Abuse