Optima International Acquires Michigan Seamless Tube
07/08/2008 - Optima International of Miami, Inc. and the Privat Group acquire Michigan Seamless Tube LLC from Atlas Holdings LLC and other investors.
Optima International of Miami, Inc. and investors affiliated with the Privat Bank, known as the Privat Group have acquired Michigan Seamless Tube LLC (MSTube) from Atlas Holdings LLC and other investors.
“MSTube’s unrivaled focus on quality, customer service and on-time delivery will continue to be a hallmark under our ownership,” said Motti Korf, Optima’s President and the new President of MSTube. “The current management team at the South Lyon, Mich., facility will remain intact to assure a smooth transition and continued success in meeting the high standards expected by its customer base”.
The company said that MSTube would continue to provide highly-engineered, cold drawn seamless tubing to customers in the mechanical and pressure markets.
Optima said that it plans to expand MSTube’s opportunities and broaden its product offerings through targeted investments in the current facility, including new equipment. The company noted that all existing contracts and business relationships will remain in force as Optima continues to strengthen MSTube’s position in the cold drawn seamless markets.
As part of the transaction, co-investors Russ and Kathleen Maier, who served as CEO and Executive Vice President, respectively, will retire. Russ and Kathleen were instrumental in the restart of the South Lyon facility in late 2002 and had transitioned their active management roles as part of the now-completed sales process.
Jefferies & Co. advised Optima on the acquisition.
Atlas Holdings LLC operates businesses in a number of industrial sectors, including the paper, packaging, wood products and steel industries. Atlas operates facilities in more than 30 locations throughout North America and Europe. Atlas’ affiliated companies employ approximately 3000 people.
The Privat Group and Optima also own Warren Steel Holdings, LLC located in Warren, Ohio, as well as Steel Rolling Holdings, Inc., a cold rolling facility in Gibraltar, Mich., which is to be reopened later this year.
