SOUTHLAKE, Texas and BURR RIDGE, Illinois – July 8, 2013 – 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.”
About New Star Metals
New Star Metals provides steel processing, building products and supply chain management across a diverse array of end markets. Based in the Chicago area, New Star Metals operates through its four divisions: Electric Coating Technologies, Premier Resource Group, World Class Corrugating and Canfield Coating.
About Insight Equity
Insight Equity makes controlling investments in strategically viable, middle market, asset intensive companies across a wide range of industries. Insight Equity specializes in partnering with companies in complex and challenging situations, including corporate divestitures, aggressive growth opportunities, restructurings, and transitions from private family ownership. The firm leverages a proven, collaborative value creation model to facilitate operating enhancements and growth. Insight Equity’s headquarters is located near the Dallas / Ft. Worth International Airport in Southlake, Texas. The firm also has an office in New York City.