On Jan. 18, Grand Rapids, Michigan-based flat-rolled carbon steel distributor Mill Steel Co. announced its of acquisition of Cleveland Metal Exchange and Chicago Stainless Metal Exchange.
Financial details were not disclosed. The deal marks the largest acquisition to date for Mill Steel, which operates five service centers located in Grand Rapids and Melvindale, Michigan; Jeffersonville, Indiana; Birmingham, Alabama; and Houston, Texas.
The entire CME team is expected to join Mill Steel, according to the announcement. Mill Steel said it will immediately assume processing and supply for CME’s manufacturing, automotive and construction industry customers in the Southeastern, Mid-South and Western U.S.
“We are thrilled to be entering the stainless and aluminum industry,” said Pam Heglund, CEO of Mill Steel. “This was an easy decision made by our customers and supports our plans for continued growth. I have the utmost respect for the CME team and confidence in our combined efforts to deliver a superior customer experience.”
MDM’s M&A Virtual Summit, to be held Feb. 21-22, has something to offer for any distributor on the dealmaking spectrum. We’ll cover the current state of M&A; how to maximize valuation; integration do’s and don’ts; ESOPs; the culture side of the M&A process; and more. Get details and register here.