On Tuesday, the Watermill Group, a private investment firm announced that it has acquired two manufacturers specializing in high-precision metal tubing--Fine Tubes Ltd. in Plymouth, United Kingdom, and Superior Tube Company Inc. in Collegeville, Pennsylvania--from Superior Group Inc., a privately-owned industrial holding company.
"Watermill was attracted to the unique, high quality and highly technical capabilities of these companies," said Steven E. Karol, Founder and Managing Partner at The Watermill Group. "Our vision is to capitalize on the complementary strategic, technical and market strengths at each company to develop a thriving industry leader that can scale its production and grow alongside its customers."
Watermill said in a press release that it will pursue a focused strategy of improving manufacturing operations at both companies to increase production capacity and enhance service levels.
This isn't the first steel-focused company acquisition for Watermill, which previously owned Latrobe Specialty Metals Company, Sheffield Steel Corporation and Vertex Fasterners, among others.