Investment firm acquires Maysteel Industries, deal includes a plant in Monterrey
Wisconsin-based Maysteel Industries LLC has been acquired by Savannah, Georgia-based LJC Investments III LLC, an investment fund of Littlejohn Capital LLC.
Los Angeles-based private equity firm Revolution Capital Group LLC, which purchased Maysteel in 2013, sold the company for an undisclosed price.
Maysteel specializes in designing, engineering and manufacturing custom, precision sheet metal enclosures, electrical cabinets and metal fabricated assemblies.
The company’s product solutions are widely used in the alternative energy, kiosk, gaming, security, medical, utility, industrial drive and automation, and self-serve/vending machine industries and are also found in a variety of other applications.
Maysteel was founded in 1936 and today has manufacturing locations in Allenton, Wisconsin and Monterrey, Mexico.
Its products are manufactured at a 240,000-square-foot facility in Allenton and a 96,000-square-foot plant in Monterrey, Mexico. The company has 500 employees, 250 of whom are in Wisconsin.
Over the last three-and-a-half years under Revolution Capital, Maysteel grew somewhere in the 30 to 40% range, according to Kevin Matkin, president and CEO.
The company does not plan to make any changes to employment or operations in the near-term, but is planning to deploy its growth plans and move into adjacent markets with the additional funding from Littlejohn, Matkin said.
“We continue to invest in our business,” he said. “We’ve got customer opportunities that require funding to grow. We’ve had a lot of success with our current customers and other opportunities forthcoming, so I think Littlejohn is excited about that.”
“Maysteel and its management team has differentiated itself as a value-added supplier and we look forward to investments in the company that will leverage its metal fabrication engineering technology,” said Angus Littlejohn, Jr., founder and chairman of Littlejohn Capital. “The company operates in a fragmented market and we look forward to expansion in its core segments as well as adjacent markets with new products.”