New Page Capital has bought Sophia, North Carolina-based Engineered Steel Products, a structural steel manufacturer. No financial terms were disclosed. Bundy Group advised Engineered Steel Products on the transaction.
GREENSBORO, N.C., Feb. 9, 2015 /PRNewswire/ — New Page Capital, a Greensboro, N.C.-based private equity firm focused on investing in privately held companies in the Piedmont Triad region, announces it has acquired Engineered Steel Products, a Sophia, N.C.-headquartered structural steel manufacturing company. During the sale process, Bundy Group served as exclusive advisor to Engineered Steel Products and its shareholders, and The Forrest Firm served as legal counsel.
With New Page Capital, Engineered Steel Products establishes a clear succession plan. While co-founders Rob Braswell and Richard Flournoy will continue to hold executive roles, effective immediately, Rick Ramsey is the new president of Engineered Steel Products. A Darden School of Business M.B.A., Ramsey previously worked with Gilbarco Veeder-Root, a global industrial manufacturer; he continues to serve as operating partner with New Page Capital.
“New Page Capital is a top notch, high-energy team with exceptional management and industry prowess,” said Rob Braswell, former president of Engineered Steel Products. “Rick and his colleagues have strong local ties and the resources and expertise to enhance our future success.”
“With a 25-year track record of providing high quality steel products and impeccable service, Engineered Steel Products holds great promise for future growth,” added Ramsey.
“After performing due diligence on over 100 potential investment and partnership opportunities, we are excited to forge this new path forward,” commented Adam Duggins, managing partner of New Page Capital.
This is the first major investment deal for New Page Capital, which formed in 2013 to create lasting value by re-energizing Piedmont Triad region companies with revenue between $5 – 35 million, stable cash flows, and sustainable competitive positions. The firm is actively seeking additional investment opportunities.
About New Page Capital
Headquartered in Greensboro, N.C., New Page Capital is a private equity group focused on acquiring, operating and growing privately held companies in the Piedmont Triad region. The firm’s operating team has Fortune 500 management experience, and the investor base includes business, industry and community leaders with strong ties to the Piedmont Triad.
About Engineered Steel Products
Based in Sophia, N.C., Engineered Steel Products has a 25-year history of providing steel fabrication manufacturing services to commercial, retail and industrial clients locally, regionally and nationally. A quality-driven company, its team of 30 highly-skilled employees fabricates over 4,000 tons of steel annually.