The new company will be a leading Midwest operator of steel service centers, with four facilities engaged in value added processing and distribution of sheet steel products including hot rolled, cold rolled, hot dipped galvanized, pre-painted and electrogalvanized steel. The company's customers operate in a broad range of industries including construction, automotive, appliance, shelving, HVAC and stamping.
"We are excited about the growth opportunities available to the new company and look forward to supporting the management team and employees in building a leading operator of value added steel service centers," said Anthony DiSimone, Managing Partner of Aurora Resurgence, the complex situations fund within Aurora Capital Group.
Patrick Murley, CEO of Northern Steel Group, will become the Chief Executive Officer of the new company upon closing. "We are excited to be joining the Aurora family of companies," said Murley. "We believe Aurora Resurgence will be a valuable partner in helping us grow and expand in the metals processing industry."
The transaction is expected to be completed during the second quarter of 2010 pending the expiration or early termination of the waiting period under the Hart-Scott-Rodino Act and other customary closing conditions.