DTCF Advises on the Sale of Flat Rock Metal Processing to Precision Strip, Inc.
Transaction Highlights Qualifications in Industrial Processing
Deloitte & Touche Corporate Finance LLC (DTCF) is pleased to announce its advisory role as the exclusive financial advisor to Flat Rock Metal Processing LLC (FRMP) regarding the sale of certain assets and business to Precision Strip, Inc. (Precision Strip), a subsidiary of Reliance Steel & Aluminum Co. (Reliance Steel). Terms were not disclosed.
The transaction encompassed nearly all of the operating assets of FRMP’s metal processing facilities. The acquired operations, which will operate as Precision Strip locations, process and deliver carbon steel, aluminum and stainless steel products on a "toll" basis, processing the metal for a fee, without taking ownership of the metal. Prior to the sale, FRMP served a variety of steel mills and end users in the automotive, industrial products and household appliance sectors.
The acquisition will increase Precision Strip’s processing capacity and expand the company’s geographic and customer presence in the Midwest. DTCF initiated discussions with Reliance Steel and served as exclusive financial advisor to FRMP in conjunction with the sale.
About FRMP, Precision Strip and Reliance Steel
Founded in 2001, FRMP was a privately held toll processing company based in Flat Rock, Michigan, with production facilities in Perrysburg, Ohio, Portage, Indiana and Eldridge, Iowa.
Precision Strip currently has facilities in Kenton, Middletown, Minster and Tipp City, Ohio; Anderson and Rockport, Indiana; Bowling Green, Kentucky; and Talladega, Alabama. Precision Strip's customers include steel and aluminum mills as well as companies in the automotive, appliance, metal furniture and capital goods industries.
Reliance Steel, headquartered in Los Angeles, California, is one of the largest metals service center companies in the United States. Through a network of more than 150 locations in 36 states and Belgium, Canada, China and South Korea, Reliance Steel provides value-added metals processing services and distributes a full line of over 90,000 metal products sold to more than 95,000 customers in various industries.
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