Transaction
Magic Steel Sales, LLC has been acquired by SteelSummit Holdings, a subsidiary of Sumitomo Corporation. Cowen acted as exclusive financial advisor to Magic Steel.
Client
Magic Steel is a top 50 U.S. metal service center in the United States. Operating from two metal service centers in Michigan and Alabama, Magic Steel processes nearly 300,000 tons of cold rolled, hot rolled, and hot dipped galvanized steel each year. As a leading metal service center, Magic Steel supports a variety of customers across multiple industries, including automotive, consumer products, lawn and garden, material handling, office furniture and recreational vehicle. Magic Steel was founded in 1974 and is headquartered in Grand Rapids, Michigan.
Buyer
SteelSummit Holdings is a leading national metals service center and trading company with sales of approximately $600 million. Founded in 1987, the company is headquartered in Nashville, Tennessee and operates metal service centers in Nashville and Cincinnati, Ohio. The Company’s global trading business is based in Chicago, Illinois. The Company also has three affiliated metals processing operations in Mexico and a flat rolled metals sales office in Toronto, Canada.
SteelSummit is a subsidiary of Tokyo-based Sumitomo Corporation, a leading Fortune 500 global trading and investment company with 133 locations in 66 countries and over 900 group companies worldwide.
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