Miller Johnson Represents Magic Steel in Sale to SteelSummit
The Transaction
Miller Johnson represented Grand Rapids-based Magic Steel Sales in its acquisition by SteelSummit Holdings. The transaction closed in June 2019. Magic Steel Sales is a leading steel service center company with approximately $200 million in annual sales. SteelSummit Holdings is a national metals service center and trading company with annual sales of approximately $600 million.
Joe Maggini, Founder and CEO of Magic Steel Sales, said, “Our strategic decision to hand over the reins of Magic Steel after 45 years will provide our company a great foundation for future success.” Chris Alford, Magic Steel’s CFO and deal lead, added “Magic Steel would not hesitate to recommend Miller Johnson. Their expertise is clear, but what really adds value is the practical, common sense approach they bring to each project. We truly appreciated Miller Johnson’s real-world solutions.”
Miller Johnson’s team was led by Jordan Schwartz and included Dustin Daniels and Michael Penny (M&A; Corporate), Neil Williams (Tax), Jim Ens and Grant Schertzing (Real Estate), Alan Schwartz (Environmental), Nate Plantinga (Employment) and Tripp VanderWal and Jeff Gray (Employee Benefits and Executive Compensation).
Magic Steel Sales LLC
(magicsteel.com) Magic Steel Sales is a leading supplier of cold-rolled, hot-rolled, coated and other processed, slit steel products. The Company operates service centers in Grand Rapids, Michigan and Decatur, Alabama.
SteelSummit Holdings, Inc.
(steelsummit.com) SteelSummit Holdings operates metal service centers in Nashville, Tennessee and Cincinnati, Ohio. Their global trading business is based in Chicago, Illinois. The Company also has three affiliated metals processing operations in Mexico and a flat-rolled metal sales office in Toronto, Canada. SteelSummit is a subsidiary of Tokyo-based Sumitomo Corporation.
Miller Johnson’s Mergers and Acquisitions Group
Miller Johnson’s M&A practice group collaborates with clients and their advisors to structure, negotiate and close deals and to navigate the various challenges that can arise in the context of mergers, acquisitions, dispositions and other business combination or investment transactions.
Miller Johnson is top listed for mergers and acquisitions with U.S. News & World Report’s Best Law Firms and is ranked by Chambers USA. At The M&A Advisor’s national awards and the ACG M&A Deals and Dealmakers regional awards, our attorneys are consistently involved in deals honored as winners and finalists. For further information, please contact Dustin Daniels at (616) 831-1737.