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Reliance Steel Acquires Sunbelt Steel
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2012-11-26
Reliance Steel & Aluminum Co. acquired Sunbelt Steel Texas LLC. Founded in 1986, Houston-based Sunbelt distributes specialty alloy steel bar and heavy-wall tubing products to the oil and gas industry. Sunbelt has a Louisiana location plus sales representation in Utah, Dallas and Alberta, Canada. Sunbelt was a portfolio company of Freestone Partners LLC.
Sunbelt will operate as a Reliance Steel subsidiary and Michael Kowalski will continue as president. Los Angeles-based Reliance is a metals service center with 220 locations in 38 states and 10 countries. Reliance distributes more than 100,000 metal products to 125,000 customers. Reliance CEO David Hannah explained that "Sunbelt increases our growing exposure to the energy market."
Birmingham, MI-based Quarton Partners, an investment banking firm, advised Sunbelt and Freestone in the transaction.
Sunbelt will operate as a Reliance Steel subsidiary and Michael Kowalski will continue as president. Los Angeles-based Reliance is a metals service center with 220 locations in 38 states and 10 countries. Reliance distributes more than 100,000 metal products to 125,000 customers. Reliance CEO David Hannah explained that "Sunbelt increases our growing exposure to the energy market."
Birmingham, MI-based Quarton Partners, an investment banking firm, advised Sunbelt and Freestone in the transaction.
