NEW YORK, March 16, 2017 /PRNewswire/ -- Z Capital
Partners, L.L.C. ("Z Capital"), the private equity management arm
of Z Capital Group, L.L.C., a leading global alternative investment
manager focused on opportunistic, value-oriented private equity and
credit funds, today announced an agreement to acquire Atmosphere
Annealing L.L.C. ("AA") and NitroSteel L.L.C. ("NS"), collectively
known as Premier Thermal Solutions, L.L.C., ("PTS") from Gerdau
S.A. (NYSE: GGB), a leading producer of long steel in the Americas
and one of the largest suppliers of special steel in the world. The
transaction is expected to close within 30 days. Terms of the
transaction were not disclosed.
With plants in Ohio,
Michigan and Indiana, AA provides metal heat treating and
related services to various end-markets, including automotive,
trucking, oil and gas, agriculture, heavy construction and
military. With a plant in Wisconsin, NS provides environmentally
friendly, cost-effective, long-lasting and superior-performing
ferritic nitrocarburized ("FNC") steel bars that are utilized
primarily in fluid power applications in the agricultural,
construction, mining, marine, utility and automotive
end-markets.
With Z Capital's financial backing, PTS plans to expand its
metal heat-treating service offering by adding capabilities
organically, through strategic acquisitions and by diversifying
into additional end-markets.
"PTS has substantial capacity, a strong management team and
capabilities that, with increased focus and investment in sales,
marketing and customer service resources, can be leveraged to
attain both organic and strategic growth," said James Zenni, Founder, President and Chief
Executive Officer of Z Capital Group. "We are excited to welcome
PTS to the Z Capital family and look forward to utilizing our
expertise to further accelerate the company's growth."
"We are thrilled to work with Z Capital as we continue to
enhance and expand our product and service offerings to better
serve our customers and increase our market share," said
Steve Wyatt, Director of PTS. "Z
Capital's financial strength, acumen and operational expertise make
them the ideal partner for PTS and we are excited to work with
their talented team in the years to come."
About Atmosphere Annealing
AA was started in the late 1970s with its first plant in
Lansing, Michigan. Today, AA has
four plants in Lansing, Michigan,
Canton, Ohio and North Vernon, Indiana. AA has substantial
metallurgical expertise and provides metal heat treating (including
annealing, normalizing and quenching & tempering) and related
services primarily to the automotive, light and heavy truck,
agriculture and energy sectors. Parts processed by AA provide
durability and dependability required for mechanically strenuous
jobs. AA is on the approved vendor list for a vast majority of
OEMs, Tier I and II suppliers.
About NitroSteel
NitroSteel is the only domestic provider of nitro-carburized
bars and tubes in the 13-24' range. NitroSteel's nitro-carburizing
process is a "green" alternative to chrome (i.e., no hazardous
by-products) and provides improved wear resistance, better
lubrication retention, dent resistance, increased service life and
can last up to three times longer. Products are used in machinery
and equipment in outdoor settings in the agricultural, energy,
industrial, mobile equipment and military end-markets.
About Z Capital Partners
Z Capital Partners, L.L.C. is the private equity management arm
of Z Capital Group, L.L.C, a leading global alternative investment
manager with approximately $2.3
billion of regulatory assets under management with offices
in New York, NY; Lake Forest, IL; and Zurich, Switzerland. Z Capital Group manages
opportunistic, value-oriented private equity and credit funds. Its
investors include prominent global sovereign wealth funds,
endowments, pension funds, insurance companies, foundations, family
offices, and other institutions in North
America, Europe,
Asia, Africa and the Middle East. For more information, please
visit www.zcapgroup.net.
About Gerdau
Gerdau is a leading producer of long steel in the Americas and
one of the largest suppliers of special steel in the world. In
Brazil, it also produces flat
steel and iron ore, activities that are expanding its product mix
and boosting its competitiveness. It is also the largest recycler
in Latin America and around the
world it transforms each year millions of tons of scrap into steel,
reinforcing its commitment to sustainable development in the
regions where it operates. Gerdau's shares are listed on the São
Paulo, New York and Madrid stock exchanges.
Contact
Joele Frank,
Wilkinson Brimmer Katcher
Jonathan Keehner / Julie Oakes / Tim
Ragones
212-355-4449
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SOURCE Z Capital Partners, L.L.C.