SteelSummit Holdings Expands Footprint with Strategic Acquisition of Magic Steel Sales
SUMITOMO CORP S/ADR (SSUMY)
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Source: PR Newswire
LAVERGNE, Tenn., June 24, 2019 /PRNewswire/ -- SteelSummit Holdings, a leading national metals service center and trading company, today announced the acquisition of Magic Steel Sales. Terms in the all-cash deal were not disclosed.With approximately $200 million in sales, Magic Steel Sales is a leading steel service center company headquartered in Grand Rapids, Michigan. The company was founded in 1974 by Joe Maggini and operates service centers in Grand Rapids, Michigan and Decatur, Alabama. "We are very excited to welcome the Magic Steel employees to the SteelSummit family," said SteelSummit's CEO Todd Rollins. "This acquisition is a perfect complement to our organization as it adds new markets and geographic diversity with minimal customer overlap. It will provide SteelSummit an excellent platform for future strategic growth." Rollins also said, "We are very pleased that Joe and the Magic Steel leadership team has entrusted SteelSummit to build on the great success and values of t
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