Aurora Capital Sells New Star Metals; Retains Ownership Of Miami Valley Steel
LOS ANGELES, Aug. 9, 2012 /PRNewswire/ — Aurora Capital Group (“Aurora”), a Los Angeles-based private equity firm with over $2 billion of assets under management, today announced that its affiliate Aurora Resurgence, has sold New Star Metals, Inc. (“New Star”) and its Premier Resource Group and Electric Coatings Technologies subsidiaries to an affiliate of Insight Equity Holdings LLC (“Insight Equity”). In conjunction with this transaction, Aurora Resurgence also sold the U.S. Metals and Supply (“US Metals”) division of New Star to Custom Steel Processing, Inc. based in Madison, Illinois, and retained its ownership of Miami Valley Steel Service (“Miami Valley”).
Under Aurora Resurgence’s ownership, Piqua, Ohio-based Miami Valley will continue to provide value-added processing and distribution of sheet steel products to a diverse array of end markets. “The Miami Valley team is excited to continue its partnership with Aurora Capital and grow as an independent company by delivering the same uncompromised level of customer service and quality to which its customers have grown accustomed,” remarked Louis Moran, President of Miami Valley.
Gerald Parsky, Chairman of Aurora stated, “This is an excellent result for our investors, and we would like to thank Pat Murley and the company’s outstanding management team for their contributions to New Star. We wish the company success and look forward to continuing our partnership with Miami Valley, an exceptional value-added processor and distributor of sheet steel products.”
Steve Smith, Partner at Aurora Resurgence, commented, “This transaction is another example of Aurora Resurgence successfully executing upon a highly complex transaction in order to generate outstanding returns for our limited partners. We look forward to continuing to grow Miami Valley with Louis Moran and his team in order to further augment the great success of this platform investment.”
Moelis & Company and TheSeaportGroup advised Aurora on the sale of New Star Metals, and Brown Gibbons Lang & Company also advised Aurora on the sale of US Metals.
About Aurora Capital Group:
Aurora Capital Group (www.auroracap.com) is a Los Angeles-based private equity firm managing approximately $2.0 billion with two distinct investment strategies through its affiliates, Aurora Resurgence and Aurora Equity Partners. Aurora Resurgence invests in debt and equity securities of middle-market companies and targets complex situations that are created by operational or financial challenges either within a company or a broader industry. Aurora Equity focuses principally on control-investments in middle-market industrial, manufacturing and selected service oriented businesses.
About Miami Valley:
Based in Piqua, Ohio, Miami Valley is engaged in the value-added processing and distribution of sheet steel products, including hot rolled, cold rolled, hot dipped galvanized and galvannealed steel. The company’s customers operate in a broad range of industries including construction, automotive, appliance, shelving, HVAC and stamping.
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SOURCE Aurora Capital Group