MIAMI, Dec. 6,2011 /PRNewswire/ --Optima Specialty Steel, Inc. ("Optima Specialty Steel"), a portfolio company of Optima Acquisitions, LLC ("Optima Acquisitions") announced today that it has acquired Niagara LaSalle Corporation ("Niagara LaSalle").
Niagara LaSalle is a specialty steel processor and is North America's largest independent manufacturer of high quality engineered cold finished steel bars. As a result of the acquisition, Niagara LaSalle will become a significant part of Optima Specialty Steel along with Optima Specialty Steel's wholly-owned subsidiary Michigan Seamless Tube, LLC ("MST"). MST is a specialty steel processor and a leading independent manufacturer of value-added precision-tolerance, cold drawn seamless tubes.
Mordechai Korf, Chairman of the Board at Optima Specialty Steel and a shareholder of Optima Acquisitions, stated:
"I am excited that Niagara LaSalle has become a part of Optima Specialty Steel and that Niagara LaSalle's current CEO, Kevin Stevick, has agreed to become the CEO of Optima Specialty Steel. The combination of Niagara LaSalle and MST will leverage Optima Specialty Steel's buying power, offer customers a wider selection of products, and strengthen both processors with key synergies. We are confident in our ability to continue to cultivate Niagara LaSalle's leadership position in the cold finished steel bar industry. We recognize the importance and commitment of Niagara LaSalle's management team and employees, as well as the Company's strong relationships with its customers and suppliers and plan on implementing best practices across both sister companies."
Jefferies & Company, Inc. acted as exclusive financial advisor to Optima Specialty Steel in this transaction. Harris Williams & Co. acted as exclusive financial advisor to Niagara LaSalle. Ropes and Gray LLP acted as legal counsel to Niagara LaSalle and Baker & McKenzie LLP acted as legal counsel to Optima Specialty Steel.
About Optima Acquisitions, LLC
Optima Acquisitions, LLC is an investment firm with affiliated holdings in steel, ferroalloys, mining, real-estate and other industries. Current affiliated companies in the U.S. steel and metals industry include Niagara LaSalle Corporation, Michigan Seamless Tube, LLC, Warren Steel Holdings, LLC, Steel Rolling Holdings, Inc., CC Metals & Alloys, LLC, Felman Production, Inc. and Felman Trading, Inc.
This release contains certain "forward-looking statements" made pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may cause the Company's actual results to be materially different from those expressed or implied by such statements. The forward-looking statements made herein are only made as of the date of this release, and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
SOURCE Optima Acquisitions, LLC
