Platinum Equity Agrees to Acquire $1.2B Steel Group
Platinum Equity, Los Angeles, CA, has agreed to acquire PNA Group Inc., a processor and distributor of steel products with annual revenue of $1.2 billion.
The seller is TUI AG, the largest travel and tourism company in Europe, which has been divesting non-core industrial holdings in order to focus on its core tourism and shipping sectors.
PNA Group processes steel and distributes it to fabricators, manufacturers and distributors, primarily in the United States. The company comprises three independent business units:
- Feralloy, headquartered in Chicago, which provides hot-rolled coiled steel, galvanized and other rolled steel, and hot-rolled pickle;
- Delta Steel, headquartered in Houston, which provides steel structural beams, ...