TrueNorth Capital announced its wholly owned subsidiary acted as exclusive financial advisor to Lindquist Steels in the sale of the assets of its Southeastern service centers to Cincinnati Tool Steel.

Lindquist explored strategic alternatives for substantially all of the operating assets of the business located in the Southeast, which include its Columbia, SC, and Knoxville, TN, locations. The Lindquist name was not a part of the assets conveyed.

Taylor Hoyt, president of Lindquist, commented, “We decided to reallocate management and financial resources and place our focus on our Northeastern operations in Connecticut and New Hampshire. We plan to increase our level of service to Pennsylvania, New York, West Virginia, and other Northeastern States as we have for the past 71 years. We deeply appreciate the loyalty and trust that our Southeastern customers placed in our organization. As a family-owned and operated company like Lindquist, we are confident that Cincinnati Tool Steel will continue with the same dedication to servicing our former customers with fast deliveries and high quality materials as Lindquist has been known for.”

Julie Hansberry, CFO of CTS said, “This acquisition fit perfectly into our strategic plan to expand our operations in the Southeast, allowing us to react quickly when we were approached by TrueNorth.”

Brian Cincinnati, president and CEO of CTS, said, “We think this is an excellent opportunity for our company to build off the strong base established by Lindquist and its team. We look forward to servicing our new customers.”

Stratford, CT-based Lindquist Steels has specialized exclusively in the distribution of the finest tooling materials.

Cincinnati Tool Steel is a distributor of tool steels, powdered metals and alloys.