OAK BROOK, Ill.--(BUSINESS WIRE)--Union Partners I LLC announces it has entered into an Asset Purchase Agreement with Lee Steel Corporation to acquire all assets of Lee Steel’s Wyoming, MI operations (aka Grand Rapids facility) and working capital assets located at Lee Steel’s Romulus, MI facility. The Romulus operations will be consolidated into the Wyoming facility and there will be no interruption in service to Lee Steel’s customers. In addition, Lee Steel intends to maintain distribution capabilities in the Detroit area as a complement to its operations in Wyoming.
Lee Steel joins an affiliated group of steel service centers, which includes Lexington Steel Corporation, LexWest, LLC, Lex South, LLC, Mapes & Sprowl Steel LLC, Chicago Steel Holdings LLC, JIT Steel Services LLC, Opus Metals LLC, and other strategic alliances in the metals and logistics industries. “We are pleased to be a part of the Union Partners group of companies,” said Zachary Taylor, CEO of Lee Steel, “and are appreciative of the ongoing support of our customers, employees, and vendors. This is the dawn of a new day for Lee Steel, and the entire Lee team is excited about the future.”
Lee Steel will be operated as a going-concern, top-tier service center focused on a continuation and expansion of a 60+ year history of unmatched quality and service to its customers. “This was an opportunity to add significant talent to our family of companies; not only does Lee Steel have an exceptional staff, but they arguably have some of the finest equipment and service provided in Michigan. We look forward to Lee Steel’s bright future and will continue to focus on the needs and services of Lee Steel’s customers,” said Chris Hutter of Union Partners.
ABOUT UNION PARTNERS I LLC
Union Partners I LLC is a hands-on full service investment holding company focused on acquiring portfolio companies for long-term ownership which are focused on metals and logistics industries. Union has affiliated and portfolio companies located throughout the United States with operations in California, Illinois, Indiana, Tennessee, Texas and now we welcome Michigan. Founded by families with multi-generational experience in steel, real estate and logistics, Union is able to provide the strategic vision, capital and resources to ensure that all of its stakeholders are positioned for success.