Stainless Tubular Products (STP), a leading metal service center in the U.S. specializing in welded stainless steel tubing, pipe, fittings and bar, on December 8 was acquired by TW Metals Inc., a member of the O'Neal Steel family of companies. MidCap Advisors LLC represented STP and arranged the transaction.
"This combination made complete sense on multiple levels, allowing the transaction to close in less than 40 days from the initial proposal," said Doug Hendrickson, a partner with MidCap Advisors. "All of the executives and professionals involved worked diligently and communicated effectively to make this transaction happen in such a short period of time."
James Goldsmith, co-founder of STP, said, "When one of the founders decided it was time to retire, it was extremely important for us to identify the right partner to continue the tradition of Stainless Tubular. We have found that partner in TW Metals and the O'Neal Steel family of companies."
Gerald Hallisey, co-founder of STP, added, "We are excited about the significant benefits that this combination brings to the customers of both companies."
James Goldsmith will stay on to run STP for TW Metals.
"Savvy acquirers, such as O'Neal, are taking advantage of investor hesitancy in the present economic environment to acquire quality, well-run companies like Stainless Tubular," said John Poppe, a partner with MidCap Advisors. "Several times during this transaction there were comments that, despite the difficult current conditions TW Metals was in, this was for the long run."
About Stainless Tubular Products
Stainless Tubular Products Inc. (STP) was founded in 1979 and is a leading metal service center in the U.S. specializing in stainless steel tubing, pipe, fittings and bar. STP carries the nation's largest and most diversified inventory of ornamental stainless tubing, which includes the round, square and rectangular shapes.
About TW Metals
TW Metals (TW), a member of the O'Neal Steel family of companies, was founded in 1907 as Williams & Company, a steel tubing company based on the east coast. TW is now one of the largest providers of stainless steel, nickel alloys, aluminum, carbon alloys, brass and copper, in tube, pipe, bar, sheet, extruded and roll-formed shapes. With facilities in the United States, Asia and throughout Europe, TW's reach is worldwide.
