Black Diamond Capital Management, L.L.C. ("Black Diamond") announced today that KYOEI STEEL, LTD.("Kyoei") has acquired the Vinton, TX steelmaking and finishing operations of the Bayou Steel Group from Black Diamond's BDCM Opportunity Fund IV. The Vinton facility, located near El Paso, TX, is a leading producer of rebar for the construction industry and grinding media for the mining industry.

"We have been pleased with the performance of the Vinton facility as part of the Bayou Steel Group during our ownership," said Stephen H. Deckoff, Founder and Managing Principal of Black Diamond. "The Vinton facility is in a great position to join Kyoei and continue to build upon the success achieved to date."

Black Diamond's fund continues to own and operate the Bayou Steel Group which now consists of the LaPlace operations located outside of New Orleans, a rolling mill in Harriman, TN and three strategically located stocking depots in Tulsa, OK, Chicago, IL and Pittsburgh, PA. The LaPlace and Harriman facilities are leading producers of light structural shapes and merchant bar quality products.

"Black Diamond continues to believe in the long-term value and prospects of the remaining operations of the Bayou Steel Group, including the facilities in LaPlace and Harriman as well as the stocking depots in Tulsa, Chicago, and Pittsburgh," Mr. Deckoff said. "We are proud to have them as part of Black Diamond and we look forward to continuing to support these facilities."

About Black Diamond

Black Diamond is a leading alternative asset management firm that oversees approximately $7.4 billion in assets.  Black Diamond is currently pursuing control distressed/private equity investments from its fourth private equity fund.  Black Diamond's control distressed/private equity funds focus specifically on middle market companies with market leadership positions within their sectors. Founded in 1995, Black Diamond employs over 30 investment professionals and has offices in Greenwich, CT, Lake Forest, IL, London, England and St. Thomas, USVI.

About Bayou Steel Group

Bayou Steel Group is an independent company that produces long carbon steel products in North America.  The Company, headquartered in LaPlace, LA, has an additional operation in Harriman, TN as well as three finished inventory depots in Tulsa, Chicago and Pittsburgh.  Bayou Steel Group manufactures a broad range of merchant bar shapes, including equal and unequal leg angles, flats, rounds, squares and channels, as well as standard and wide-flange beams.

 

Source:prnewswire.com

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