Public Press Release
SOUTHLAKE, Texas and BURR RIDGE, Illinois – August 8, 2012 – An affiliate of Insight Equity Holdings LLC (“Insight Equity”), the Southlake, Texas headquartered private equity firm, is proud to announce its acquisition of New Star Metals, Inc. (“New Star”) and its Premier Resource Group and Electric Coating Technologies subsidiaries from an affiliate of Aurora Capital Group (“Aurora”). In conjunction with this transaction, Aurora also sold the U.S. Metals and Supply division of New Star to Custom Steel Processing, Inc. based in Madison, Illinois, and retained its ownership of Miami Valley Steel Service.
Through its two remaining divisions, Premier Resource Group and Electric Coating Technologies, New Star will continue to provide steel processing and supply chain solutions services across a diverse array of end markets. New Star is headquartered in Burr Ridge, Illinois with an additional facility in East Chicago, Indiana.
Jack Waterstreet, Senior Vice President at Insight Equity, commented, “Insight Equity’s experience in the metal processing space allowed us to quickly recognize New Star’s solid market position and strong potential. We are looking forward to working closely with the New Star management team to continue to grow the company.”
“The management team is excited to partner with Insight Equity and we believe this transaction positions New Star to succeed and grow while maintaining a commitment to delivering excellent customer service and superior quality,” remarked Pat Murley, CEO of New Star.
Victor Vescovo, COO & Managing Partner at Insight Equity, noted, “Our purchase of New Star represents Insight Equity’s fourth platform investment in the last year. We continue to aggressively pursue attractive middle market companies with strong growth potential.”
About New Star Metals
New Star Metals provides steel processing and supply chain solutions services across a diverse array of end markets. Based in the Chicago area, New Star Metals operates through its two divisions, Premier Resource Group and Electric Coating Technologies.
About Insight Equity
Insight Equity (www.insightequity.com) makes controlling investments in strategically viable, middle market, asset intensive companies across a wide range of industries. Insight specializes in partnering with companies in complex and challenging situations, including corporate divestitures, bankruptcies, restructurings, and private family ownership. The firm leverages a proven collaborative value creation model to facilitate operating enhancements and growth. Insight offers attractive deal-sourcing fees for any referral which results in a completed transaction.