Heritage Capital Group, Inc., an investment banking and financial advisory firm serving middle-market and emerging growth companies in the US and worldwide, is pleased to announce that its client, Klein Steel Service, Inc., has been acquired by Alro Steel.
Klein Steel, a premier metals supplier and processing center, provides world-class inventory and supply management solutions with over 3,500 SKUs of carbon, stainless steel, aluminum, and specialty metals. The Company offers a full range of value-added processing services including component manufacturing and kitting for commercial applications as well as customer-specific materials. Founded in Rochester, New York in 1971, Klein Steel operates six facilities in western and central New York and is an industry leader in the Northeast.
Alro Steel was founded in 1948 as a steel distributor in Jackson, Michigan. Over the past seven decades, Alro expanded its operations to over 70 locations in 13 states and has extended its offerings to include plastics, industrial supplies, and value-added processing.
Heritage served as the exclusive financial advisor and intermediary to Klein Steel. The deal team was led by Bert Tenenbaum and included Doug Kravet, John Pregulman, and Chad Clark.
Mike Young, president of Klein Steel, commented, “Heritage’s attention to detail and confidentiality made our management team feel comfortable with the requirements needed during each phase of this deal. Their expertise in the steel industry made the process much more fluid than we believed possible. There were no surprises, which eliminated a lot of stress on our part.”
The terms of the transaction were not disclosed.
For more information about the deal, click here.