New Star Metals of Burr Ridge, Ill., a maker of electric and other coatings, has acquired substantially all of the assets of Canfield Metal Coating Corporation, a coil coating company in Canfield, Ohio. Terms of the deal were not disclosed. New Star Metals is a portfolio company of Insight Equity Holdings, a private equity firm based in Southlake, Texas.
Insight Equity Holdings LLC (“Insight Equity”), the Southlake, Texas headquartered private equity firm, is proud to announce that its portfolio company New Star Metals, Inc. (“New Star”) has acquired substantially all of the assets of Canfield Metal Coating Corporation. As part of the transaction, New Star has renamed the division Canfield Coating LLC (“Canfield”). Known for its light gauge coating capabilities, Canfield provides galvanized and painted steel coils to a variety of companies in the packaging, automotive, and construction industries. CMC operates out of a single site facility in Canfield, Ohio. In conjunction with the acquisition, New Star also paid a dividend to its shareholders, the second such dividend New Star has made since Insight Equity acquired a majority interest in New Star in August 2012.
Pat Murley, CEO of New Star, commented, “We are excited to bring Canfield onto the New Star team. Canfield compliments the capabilities we have at our Electric Coating Technologies division and in the coming months we will be working hard to implement the best practices from both divisions.”
“We are pleased to further broaden the New Star platform through the Canfield acquisition and we look forward to pursuing other potential acquisition targets in the metals space,” remarked Jack Waterstreet, a Principal at Insight Equity.
Victor Vescovo, COO & Managing Partner at Insight Equity, noted, “The Canfield transaction and simultaneous dividend are both great examples of what Insight Equity can bring to the table. We strive to help grow our companies while also delivering excellent returns to our investors.”