JMC Steel Group Completes Recapitalization and Purchase by Zekelman Family of Majority Stake from The Carlyle Group
Resource from: Carlyle Group Likes:3107
Mar 14,2011
(March 11, 2011)
Beachwood, OH – JMC Steel Group announced today that it has successfully completed the previously announced financing and sale transactions pursuant to which the Zekelman family has purchased a majority stake in JMC from Global alternative asset manager The Carlyle Group. Carlyle maintains a minority stake in JMC. Financial details were not disclosed.
In addition to facilitating the change of control, the company’s new credit facilities give the company greater flexibility and enhance growth opportunities.
JMC Steel Group
JMC Steel Group is the largest independent tubular manufacturer in North America, with the most diverse product platform in the North American pipe and tube industry. Through its Wheatland Tube, Atlas Tube and Picoma product lines, it maintains a #1 market position in North America in each of its three core product categories: Hollow Structural Sections (HSS), standard pipe and electrical conduit. Formed through the combination of John Maneely Company and Atlas Tube in December 2006 and headquartered in Beachwood, Ohio, JMC operates eleven plants in five U.S. states and one Canadian province and has a total production capacity of approximately 2.6 million tons of steel pipe and tube per annum.
The Carlyle Group
The Carlyle Group is a global alternative asset manager with $97.7 billion of assets under management committed to 76 funds as of September 30, 2010. Carlyle invests across three asset classes - private equity, real estate and credit alternatives - in Africa, Asia, Australia, Europe, North America and South America focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. Since 1987, the firm has invested $64.7 billion of equity in 1015 transactions. The Carlyle Group employs more than 900 people in 19 countries. As of June 30, 2009, in the aggregate, Carlyle portfolio companies have more than $84 billion in revenue and employ more than 398,000 people around the world. Web: www.carlyle.com; Case Studies: www.carlylegroupcreatesvalue.com; Video: www.youtube.com/OneCarlyle
(Carlyle Group)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
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