Date of Acquisitions: September 30, 2015
Selling Entities: Superior Iron, Inc. and Superior Steel Erectors, Inc.
Elk River, Minnesota
Buying Entities: Superior Iron LLC and Superior Steel Erectors LLC
Company Background: Superior Iron, Inc., a privately held company, was founded in 1969 and is a manufacturer of specialty steel products for office, industrial, residential and commercial construction projects. Superior Steel Erectors, Inc., a privately held company, is a commercial and industrial steel erection company which was founded in 2011. Superior Iron and Superior Steel Erectors also design, engineer, supply, and install medical equipment support systems in clinics, surgery centers, hospitals and other healthcare facilities.
Situation: In 2014, Superior Iron’s President/majority owner was introduced to Stewart Capital Partners to discuss a sale of the company sometime in the “future.” The majority owner did not have a specific timetable in mind for the potential sale of the company, but rather wanted to learn more about preparing the company for an eventual sale. Over the next twelve (12) months the majority owner determined that the “ideal buyer” would want to retain the existing employees and be able to assist with the company’s growth while maintaining the company’s existing culture and business practices. Concurrently, the majority owner decided that, under the right circumstances, he would be willing to run the company for a number of years into the future.
Outcome: Stew Stender of Stewart Capital Partners and Al Geiwitz of Orion Financial formed Superior Iron LLC and Superior Steel Erectors LLC to acquire the two (2) “Superior” entities. Upon closing of the sale, the President was also named Chairman of the Board of both entities and the process of building an active and supportive board of directors began. Given current and future growth opportunities, key new hires were also identified. The companies plan to grow organically throughout the region while also scouting for synergistic companies to acquire.
For more information, please visit: www.superioriron.com
For more information, please visit: www.superiorerectors.com