WASHINGTON, DC, November 17, 2022 – Forged Solutions Group, Inc. (“FSG”), a leading provider of complex, precision forged rings and closed die products to aerospace and defense customers, has acquired Steel Industries, Inc. (“Steel Industries” or the “Company”).
Headquartered in Redford, Michigan, Steel Industries is a vertically integrated manufacturer of open die forgings and seamless rolled rings for aerospace and defense, space, and industrial markets. Since 1913, Steel Industries has forged components for the most demanding end use applications with stringent quality requirements. Steel’s complete suite of solutions from forging and heat treating to machining and finishing provides customers with a unique operational advantage. Steel Industries, now an FSG company, will continue to be led locally by Frank Witte and his existing management team.
Peter Manos, a Managing Partner at Arlington, said, “We are excited to begin our partnership with the Steel Industries management team and welcome them into the FSG platform. We have been highly impressed by the Company’s differentiated ring forging capabilities, strong customer relationships across a variety of end markets, and exciting growth prospects on rapidly scaling space programs. We look forward to supporting their continued strong growth as part of FSG.”
“I am excited to partner with FSG and the Arlington team to build on the storied legacy we have at Steel Industries,” said Frank Witte. “With access to additional corporate resources and capital for investment, I believe the Company is well positioned to continue on its growth trajectory.”
“Frank and his management team at Steel Industries is the foundation for our North American operations. Steel brings industry leading on time delivery, quality performance and expansive capabilities that enables our companies to better serve our customers,” said Ben McIvor, President of Forged Solutions Group.
Henry Albers, a Vice President at Arlington, said “Steel Industries is a highly complementary acquisition for FSG, broadening its product portfolio, metals expertise, and customer relationships. We look forward to the growth opportunities this transaction will create for FSG and its customers and employees.”
Sheppard, Mullin, Richter & Hampton served as legal counsel to FSG. Houlihan Lokey served as financial advisor and Kirkland & Ellis served as legal counsel to Steel Industries.
Forged Solutions Group provides high integrity forgings for the world’s most demanding applications. From aerospace and energy production, to underground mining and off-highway vehicles, we have forged solutions for advanced manufacturing industries for more than 100 years.
For more information: www.forgedsolutionsgroup.com
Arlington Capital Partners is a Washington, DC-based private equity firm that is currently investing out of Arlington Capital Partners VI, L.P.. The firm has managed over $7.0 billion of committed capital via six investment funds. Arlington is focused on middle market investment opportunities in growth industries including aerospace & defense, government services and technology, healthcare, and business services and software. The firm’s professionals and network have a unique combination of operating and private equity experience that enable Arlington to be a value-added investor. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their company’s position as leading competitors in their field.
For more information: www.arlingtoncap.com
Contact:
Peter Manos & Henry Albers
Arlington Capital Partners
5425 Wisconsin Avenue, Suite 200
Chevy Chase, MD 20815
(202) 337-7500
SOURCE: Arlington Capital Partners
