LBC Provides Term Loan to Support Associated Steel Buy
LBC Credit Partners (LBC) announced it agented a $15 million second lien term loan to support the acquisition of Alliance Steel. The company was acquired through Associated Steel Group (ASG), an entity formed for the purpose of consolidating the metal building industry, an effort that began in August 2012 with ACI Building Systems and continued with the acquisition of AIM Metals in February 2013. With the acquisition of Alliance, ASG has become the fourth largest company in the metal building systems industry.
Alliance is a fully integrated manufacturer of metal building systems, structural steel and components, focused primarily on serving non-residential customers in Oklahoma, Texas and other surrounding states. The company operates from a 415,000 square foot facility in Oklahoma City with 340 employees. Alliance specializes in the construction of complex, highly-engineered low-rise metal buildings which it manufactures at its Oklahoma City facility and either ships the materials to customer job sites or makes them available at the plant for customer pick-up; Alliance does not provide on-site erection services. Metal buildings manufactured by Alliance are used in a wide number of applications, including office and retail buildings, warehouses, manufacturing plants, churches, schools, agricultural buildings and aircraft hangers.
Nashville-based ASG is a portfolio company of Promus Equity Partners in partnership with Jon S. Vesely, an independent sponsor. Promus Equity Partners is a private equity investment firm affiliated with Promus Holdings, a multi-family asset management firm based in Chicago, with over $800 million under management among its affiliated entities.