Private equity firm Littlejohn & Co. LLC has bought Maysteel Industries LLC, a designer and manufacturer of sheet metal enclosures, for an undisclosed amount. The PE firm used funds from LJC Investments III LLC, an investment vehicle controlled by Littlejohn, to acquire the target from Revolution Capital Group LLC.
Maysteel, founded in 1936, engineers and customizes custom made sheet metal enclosures, electrical cabinets and metal fabricated assemblies for a variety of uses. The target’s products are used in the alternative energy, kiosk, gaming, security, medical, utility, industrial drive and automation, self-serve and vending machine verticals. Maysteel has manufacturing facilities in Allenton, Wisconsin and Monterrey, Mexico. The target also offers project engineering, metal forming and rapid prototyping services.
Littlejohn is a Greenwich, Connecticut-based investment advisory firm that backs middle-market companies seeking a change in capital structure, strategy, operations or growth. The firm is currently investing from Littlejohn Fund V, the firm's fifth fund with nearly $2 billion in capital commitments. The firm recently purchased money vault maker Tidel and acquired patio furniture manufacturer Brown Jordan International in January 2017. Littlejohn raised a $406 million collateralized loan obligation fund (CLO), called Wellfleet CLO 2016-2 in November 2016. In 2015, Littlejohn launched a credit management business, called Wellfleet Capital Partners, and now has more than $4 billion in assets under management.
Revolution Capital is a Tampa, Florida-based private equity firm with addiational offices in London, New York and Los Angels. The PE firm acquired Maysteel in 2013 The PE firm was founded by Cyrus Nikou, who previously founded Funded Capital and also served as managing partner of financial services company IMC, alongside Robert Loring, who previously served as vice president of M&A at Platinum Equity.
Dealmaker interest for producers of metals has been quite robust lately. Recent deals include: KPS Capital Partners LP’s buying steel abrasive manufacturer WHA Holding SAS from a group of investors; Orangewood Partners’ acquiring George Industries LLC; Liberty Hall Capital Partners’ purchasing aerospace parts supplier ZTM Inc.; and LFM Capital’s backing of hydraulic clamps maker Vektek LLC. Morrison Cohen LLP acted as legal counsel to Littlejohn.