Private equity firm Platinum Equity, Los Angeles, CA, has agreed to sell PNA Group to Reliance Steel &Aluminum Co., Los Angeles, CA, for $1.1 billion.
PNA Group processes and distributes steel in a variety of forms, including structural beams, tubes, and coiled and rolled steel.
Platinum acquired PNA in May 2006. Following the acquisition, Platinum completed three add-on acquisitions to expand PNA's capabilities: Metals Supply Co., Precision Flamecutting and Steel, and Sugar Steel. PNA's revenue in 2007 was $1.6 billion, up from $1.2 billion at the time of the acquisition.
Platinum Equity has been active in the distribution arena. The firm owns Strategic Distribution Inc., Bristol, PA, and metals distributor Ryerson Inc., Chicago, IL.
Reliance Steel &Aluminum Co. is a metal service center with more than 180 locations in 37 states, Belgium, Canada, China, South Korea and the United Kingdom.