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Canfield Metal Coating Sold to Texas Equity Firm
CANFIELD, Ohio -- Insight Equity Holdings LLC , a private equity firm based in Texas, reports one of its portfolio companies, New Star Metals Inc. of Burr Ridge, Ill., has acquired “substantially all the assets” of Canfield Metal Coating Corp. at 460 W. Main St.
As part of the transaction, New Star has renamed the division Canfield Coating LLC.
Canfield Coating provides galvanized and painted steel coils to a variety of companies in the packaging, automotive and construction industries.
In conjunction with the acquisition, New Star also paid a dividend to its shareholders, the second such dividend New Star has made since Insight Equity acquired a majority interest in New Star in August 2012, the company said.
“We are excited to bring Canfield onto the New Star team,” said Pat Murley, CEO of New Star, in a prepared statement. “Canfield compliments the capabilities we have at our Electric Coating Technologies division and in the coming months we will be working hard to implement the best practices from both divisions.”
New Star Metals provides steel processing, building products and supply chain management across a diverse array of end markets.
“We are pleased to further broaden the New Star platform through the Canfield acquisition and we look forward to pursuing other potential acquisition targets in the metals space,” Jack Waterstreet, a principal at Insight Equity, said in the acquisition announcement.
The former Canfield Metal Coating Corp. was dates its origin to the 1950s, according to the company’s website. For most of its history, the coating and slitting operation functioned as a division of Wheeling-Pittsburgh Steel. In 2001, it was spun off from Wheeling-Pittsburgh, and subsequently became part of the Handy & Harman family of companies.
In 2003, its name was changed from Pittsburgh-Canfield to Canfield Metal Coating Corp., “and began to function virtually autonomously,” the website states.
Terms of the transaction were not disclosed.