Stainless Tubular Products Acquired by TW Metals

December 8, 2008

NEW YORK, Dec. 8 /PRNewswire/ — Stainless Tubular Products (STP), a
leading metal service center in the U.S. specializing in welded stainless
steel tubing, pipe, fittings and bar, was acquired by TW Metals, Inc., a
member of the O’Neal Steel family of companies. MidCap Advisors, LLC (MidCap)
represented STP and arranged the transaction.

“This combination made complete sense on multiple levels, allowing the
transaction to close in less than 40 days from the initial proposal,” said

Doug Hendrickson, a partner with MidCap Advisors. “All of the executives and
professionals involved worked diligently and communicated effectively to make
this transaction happen in such a short period of time.”

James Goldsmith, co-founder of STP, said, “When one of the founders
decided it was time to retire, it was extremely important for us to identify
the right partner to continue the tradition of Stainless Tubular. We have
found that partner in TW Metals and the O’Neal Steel family of companies.”

Gerald Hallisey, co-founder of STP, added, “We are excited about the
significant benefits that this combination brings to the customers of both

James Goldsmith will stay on to run STP for TW Metals.

“Savvy acquirers, such as O’Neal, are taking advantage of investor
hesitancy in the present economic environment to acquire quality, well-run
companies like Stainless Tubular,” said John Poppe, a partner with MidCap
Advisors. “Several times during this transaction there were comments that,
despite the difficult current conditions TW Metals was in, this was for the
long run,” Poppe continued.

About Stainless Tubular Products, Inc.

Stainless Tubular Products, Inc. (STP) was founded in 1979 and is a
leading metal service center in the U.S. specializing in stainless steel
tubing, pipe, fittings and bar. STP carries the nation’s largest and most
diversified inventory of ornamental stainless tubing, which includes the
round, square and rectangular shapes.

About TW Metals, Inc.

TW Metals (TW), a member of the O’Neal Steel family of companies, was
founded in 1907 as Williams & Company, a steel tubing company based on the
east coast. TW is now one of the largest providers of stainless steel, nickel
alloys, aluminum, carbon alloys, brass and copper, in tube, pipe, bar, sheet,
extruded and roll-formed shapes. With facilities in the United States, Asia
and throughout Europe, TW’s reach is worldwide.

About MidCap Advisors, LLC

MidCap Advisors, LLC (MidCap) is a boutique investment banking firm that
provides innovative and results-oriented financial advisory services to
small- and medium-sized companies. With offices in New York, Chicago and
Connecticut, MidCap provides merger & acquisition, strategic planning,
business valuation, capital raise, and transaction support services to clients

    For further information about this transaction, please contact:

    Douglas T. Hendrickson, Partner

    John D. Poppe, Jr., Partner

    Media Contact:

    Richard Jackim, Managing Director

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visit http://www.ereleases.com.

SOURCE MidCap Advisors, LLC

Source: newswire

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