NitroSteel LLC, which has its main manufacturing operations in Pleasant Prairie, has been acquired by Z Capital Partners LLC.
Z Capital Partners is the private equity management division of New York-based Z Capital Group LLC. ZCP acquired both NitroSteel and Atmosphere Annealing LLC, collectively known as Premier Thermal Solutions LLC, in the transaction. The terms were not disclosed.
The NitroSteel plant is located at 9955 80th Ave. in Pleasant Prairie, where it produces ferritic nitrocarburized steel bars used mainly in fluid power applications in the agricultural, construction, mining, marine, utility and automotive sectors. Atmosphere Annealing has plants conducting metal heat treating and related services in Ohio, Michigan and Indiana.
Premier Thermal Solutions plans to expand its heat treating capabilities both organically and through acquisitions using the financial and operational resources from ZCP, the companies said in a release.
"We are pleased to have closed the acquisition and are excited about the growth opportunities ahead for PTS," said Rahul Sawhney, senior managing director of Z Capital. "The company's high-quality product and services offerings, coupled with Z Capital's specialized sector knowledge and operational expertise, position PTS for long-term success. We look forward to partnering with their outstanding leadership team to accelerate the company's growth both organically and through strategic acquisitions."
Neither NitroSteel nor Z Capital could be reached for information about the impact in Pleasant Prairie.