SOUTHLAKE, Texas and BURR RIDGE, Illinois – March 28, 2014 – 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 Material Sciences Corporation (“MSC”) (NASDAQ: MASC). Long known for its product and process innovation, MSC is a global manufacturer of acoustical products used in automotive brakes, body panels, and engine components. MSC also specializes in electro-galvanizing and coil coating of flat-rolled steel and aluminum for customers in the automotive, construction, appliance, and lighting industries.
Pat Murley, CEO of New Star, commented, “We are excited to complete the purchase of MSC. The addition of MSC enhances our strategy to participate in the light-weighting of automobiles to meet the pending CAFE standards.”
“We are thrilled to complete another public-to-private transaction and we look forward to working with Pat and the New Star team to realize the potential synergies from this acquisition,” remarked Jack Waterstreet, a Principal at Insight Equity.
Victor Vescovo, COO & Managing Partner at Insight Equity, noted, “The MSC transaction represents the third add-on acquisition for New Star under our ownership. We remain interested in continuing to expand New Star through similar opportunities in the future.”
About New Star Metals
New Star Metals provides metal 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 five divisions: Canfield Coating, Electric Coating Technologies, Material Sciences Corporation, Premier Resource Group, and World Class Corrugating.
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 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.