Varnum Represents Contractors Steel in Sale to PE Firm Union Partners
Detroit-based Contractors Steel, a leading carbon steel service center with four additional locations in the Midwest, was acquired by private equity fund Union Partners I LLC of Oakbrook, Illinois on May 16, 2018.
A supplier to the structural steel, construction and industrial fabrication market, Contractors is known for having one of the largest inventories of carbon steel products as well as a full range of processing capabilities. Founded in 1960 by Don Simon, Contractors operated as a family company until the recent sale. In addition to its Detroit headquarters, Contractors has facilities in Grand Rapids and Van Buren, Michigan; Hammond, Indiana and Cleveland, Ohio.
Union Partners is a full service investment holding company focused on acquiring portfolio companies in the metals and logistics industries for long term ownership.
Varnum represented Contractors in the transaction, negotiating the purchase agreement and all other transaction documents and advising Contractors on numerous other transaction related items, including transaction structure, employee benefits, tax matters and antitrust filings under the Hart-Scott-Rodino Act. Varnum’s deal team was led by Pete Roth and Jake Droppers and included Mallory Field and Elliott Berlin (corporate), Tom Bergh (employee benefits and executive compensation), Kap Jones and Katie Roskam (tax) and Steve Morren and Zach Meyer (antitrust).
“We would like to thank the teams at Angle Advisors, Varnum, and Robinson, Pietras, Kalisky and Co.,” said Contractors CEO Marc Bokas. “They did an outstanding job of guiding our company through this process and finding us the very best possible partner. Their collective knowledge, transaction expertise and relationships proved critical to making this a highly successful transaction for all parties.”