Patriot Capital Supports Maysteel’s Merger with Porter’s Group

Patriot Capital Group is pleased to announce an add-on subordinated debt investment to support the merger of its existing portfolio company, Maysteel Industries, LLC (“Maysteel” or the “Company”) with Porter’s Group (“Porter’s”). Patriot originally invested subordinated debt and equity in Maysteel in 2017 in support of Littlejohn Capital, LLC and the Company’s acquisition of DAMAC Products, LLC.

Maysteel specializes in designing, engineering and manufacturing custom sheet metal enclosures, cabinets, kiosks and racks for specific industry solutions from its locations in Wisconsin, California and Monterrey, Mexico. Porter’s Group, founded in 1964, is a custom metal fabricator serving 20 diverse industries from its three manufacturing locations in Lynchburg, Virginia, Sumter, South Carolina and Garland, Texas. Porter’s is the largest metal fabricator of sheet metal and safes for the North American banking industry. The combined company, which will continue to operate under the Maysteel brand, will have over 1,000 employees with six manufacturing locations covering the U.S. and Mexico, and manufacturing partner locations in Europe. Guy Roberts, formerly CEO of Porter’s Group, will now serve as the Chief Operating Officer of Maysteel.

The merger of the two businesses creates a leading custom sheet metal fabricator serving a number of industries. With greater scale, improved market leadership, increased engineering expertise, complementary strengths and geographic reach, Maysteel now has a broader product base to offer its customers from locations needed by its customers.

For more information on this transaction, please contact Stacey Wittelsberger or Tom Holland.