Allenton-based Maysteel Industries LLC
has been sold to Savannah, Georgia-based LJC Investments III LLC, an investment vehicle of Littlejohn Capital LLC
. Los Angeles-based private equity firm Revolution Capital Group LLC
, which purchased Maysteel
in 2013, sold the company for an undisclosed price.
Maysteel designs, engineers and manufactures custom, precision sheet metal enclosures, electrical cabinets and metal fabricated assemblies for the alternative energy, kiosk, gaming, security, medical, utility and other industries. Its products are manufactured at a 240,000-square-foot facility in Allenton and a 96,000-square-foot plant in Monterrey, Mexico. The company has 500 employees, 250 of whom are in Wisconsin.
"Over the last three-and-a-half years under Revolution Capital, we’ve grown somewhere in the 30 to 40 percent range, maybe a little bit better than that," said Kevin Matkin, president and chief executive officer of Maysteel.
The company does not plan to make any changes to employment or operations in the near-term, but is planning to deploy its growth plans and move into adjacent markets with the additional funding from Littlejohn, Matkin said.
"We continue to invest in our business," he said. "We’ve got customer opportunities that require funding to grow. We’ve had a lot of success with our current customers and other opportunities forthcoming, so I think Littlejohn is excited about that.”
"Maysteel and its management team has differentiated itself as a value-added supplier and we look forward to investments in the company that will leverage its metal fabrication engineering technology,” said Angus Littlejohn, Jr., founder and chairman of Littlejohn Capital. “The company operates in a fragmented market and we look forward to expansion in its core segments as well as adjacent markets with new products."
Last year, Maysteel was involved in a right-to-work lawsuit
brought by a group of 10 employees. A federal judge eventually threw out that case.