Private equity firm Platinum Equity has added another structural steel distributor to its list of acquisitions: Chicago-based steel distributor and processor Ryerson Inc. has announced that it has agreed to be acquired by the private equity firm.
Under the terms of the acquisition, a Platinum Equity affiliate will buy all outstanding Ryerson shares for $34.50 a share, and will assume about $1 billion in debt.
The transaction is subject to the approval of Ryerson's stockholders and customary closing conditions and is expected to be completed by the fourth quarter of 2007.
Platinum's steel portfolio also includes PNA Group Inc., which was acquired in 2006 and is comprised of structural steel distributors Delta Steel and Infra-Metals, as well as flat rolled distributor, Feralloy. Platinum also owns ESM Group Inc., a provider of products and services to the steel industry, acquired in 2005.