BGL Announces the Sale of Federal Steel Supply to Westbridge Capital Ltd.
24 March 2023
Brown Gibbons Lang & Company is pleased to announce the sale of Federal Steel Supply, a leading distributor of industrial products including pipes, fittings, flanges, and valves, and portfolio company of lower-middle market private equity firm V&A Capital. FSS was acquired by Westbridge Capital Ltd., a Canada-based private management company. BGL's Metals & Metals Processing investment banking team served as the exclusive financial advisor to FSS in the transaction.
Federal Steel Supply was founded in St. Louis, MO in 1979 by three co-founders looking to provide industrial markets with hard-to-find heavy wall pipes and value-added services. In 2019, the company was acquired by V&A Capital, which supported the growth of FSS by executing the add-on acquisition of Process Piping Materials in 2021, building the company's product offerings, and expanding its geographic footprint. FSS now has distribution facilities in Missouri, Texas (two locations), Louisiana, and New Mexico to support its customers nationwide.
The company serves a strong and loyal customer base in growing and diverse end markets such as industrial fabrication, food & beverage, midstream oil & gas, power generation, and construction. FSS has established direct relationships with a global network of mills, enabling it to source high quality and difficult-to-get products with a short turnaround time.
FSS CEO Scott Harris said, "I appreciate the support and dedication of the V&A Capital team in helping further the growth of Federal Steel Supply. They have been a great partner to work with and have taken great care assisting us in finding a capable and respected partner in Westbridge Capital to continue executing our plans for growth."
BGL's Metals & Metals Processing team, led by Vince Pappalardo, has deep sector knowledge and extensive Metals M&A transactions experience within major subsectors of the broader metals industry, representing both ferrous and nonferrous metals businesses. Coverage includes service centers, mills and foundries, manufacturing, and recycling.
To learn more about the state of M&A across the metals industry, including how secular growth is expected to sustain long-term demand in key metals end markets, download our most recent research report on the Metals industry: https://bit.ly/bglMetalsInsider2023
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, capital markets, financial restructurings, business valuations and opinions, and other strategic matters. BGL has investment banking offices in Chicago, Cleveland, Los Angeles, and New York, and real estate offices in Chicago, Cleveland, and San Antonio. The firm is also a founding member of Global M&A Partners, enabling BGL to service clients in more than 30 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, LLC, an affiliate of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit www.bglco.com.