Livingstone advises Metaltec on sale to family office consortium
Livingstone is pleased to announce the sale of Metaltec Group Holdings, LLC (“Metaltec” or the “Company”), a portfolio company of Corinthian Capital Group (“Corinthian”), to a group of family office co-sponsors comprising Imperial Group, LLC; Lorentzen Investments, LLC; and Ashland Capital Partners, LLC (the “Sponsors”). Transaction terms were not disclosed.
Headquartered in Canton, MI, Metaltec is a leading manufacturer and distributor of mission-critical, consumable metal abrasive materials used in blast cleaning, surface profiling, shot peening, and other surface preparation and finishing applications. The Company is one of the top three steel abrasive blasting media manufacturers in North America, differentiating itself through market-leading product quality and customer service.
“Livingstone was instrumental in getting this transaction over the finish line. They worked tirelessly on our behalf, provided fantastic transaction execution, and managed the process from day one through closing,” said Tony Pucillo, Operating Partner at Corinthian.
Bruce Keener, President of Metaltec, commented, “Livingstone was a terrific advisor in helping us navigate the unforeseen challenges we faced over the last few years and the complex process of selecting partners that shared our vision. We are thrilled to be partnering with Imperial, Lorentzen, and Ashland teams to execute the next chapter of our growth plan.”
Karl Freimuth, Partner at Livingstone, commented, “We are proud to have advised Metaltec and Corinthian on this transaction. The Company’s future is bright under Bruce’s leadership in partnership with the Sponsors.”
Imperial Group LLC is a family-owned, vertically integrated, diversified metals group consisting of 11 industrial entities that trade and process metal. Lorentzen Investments, LLC is a single-family office with a current portfolio of nine operating companies, including Sivyer Steel Castings LLC, a Midwestern steel foundry. Ashland Capital Partners, LLC is a private investment firm that sponsored and managed several of Lorentzen’s investments. Sponsors jointly own and manage Mayco Industries LLC, which operates the nation’s largest lead rolling mill.
The Metaltec transaction represents Livingstone’s 142nd deal completed since 2020, and the 46th global industrial transaction completed in the same timeframe, following the sales of CIRS to Mirion, MultiCam to Kongsberg, Waterfront Brands to MPE Partners, Beranek to J&E, Lesman to Kele, LT Harnett to A&R, and Cummins Allison to Crane.
DLA Piper served as legal counsel while CohnReznick provided transaction-related accounting services to Metaltec. Gould & Ratner served as legal counsel and CliftonLarsonAllen provided accounting services to the Sponsors.
Headquartered in New York, Corinthian is a private equity firm specializing in control buyouts, recapitalizations, growth capital investments, and add-on acquisitions of middle-market entrepreneur- or family-owned businesses. The firm’s target investment areas include manufacturing, distribution, services, and consumer products, primarily of North America based companies.
Key Transaction Team
Robert TymowskiManaging Director
Eric SuhVice President