Houlihan Lokey Advises Steel Industries, Inc.
Houlihan Lokey is pleased to announce that Steel Industries, Inc., a subsidiary of AFG Holdings Inc. (AF Global), has been acquired by Forged Solutions Group, Inc., a portfolio company of Arlington Capital Partners (Arlington). The transaction closed on November 14, 2022.
Headquartered in Redford, Michigan, Steel Industries is a vertically integrated manufacturer of open-die forgings and seamless rolled rings for the aerospace and defense, space, and industrial markets. Since 1913, Steel Industries has forged components for the most demanding end-use applications with stringent quality requirements. Steel Industries' complete suite of solutions from forging and heat treating to machining and finishing provides customers with a unique operational advantage. Steel Industries, now a Forged Solutions Group company, will continue to be led locally by Frank Witte and his existing management team.
Arlington Capital Partners is a Washington, D.C.-based private equity firm that is currently investing out of Arlington Capital Partners VI, LP. The firm has managed more than $7.0 billion of committed capital via six investment funds. Arlington is focused on middle-market investment opportunities in growth industries such as aerospace and defense, government services and technology, healthcare, and business services and software. The firm’s professionals and network have a unique combination of operating and private equity experience that enable Arlington to be a value-added investor. Arlington invests in companies in partnership with high-quality management teams that are motivated to establish and/or advance their companies’ positions as leading competitors in their fields.
Forged Solutions Group provides high-integrity forgings for the world’s most demanding applications. From aerospace and energy production to underground mining and off-highway vehicles, the company has forged solutions for advanced manufacturing industries for more than 100 years.
Houlihan Lokey served as the exclusive financial advisor to AF Global and assisted in marketing, structuring, and negotiating the transaction on behalf of AF Global. Houlihan Lokey’s Aerospace & Defense (A&D) practice within the global Industrials Group is a leading M&A advisor to aerospace and defense companies. Since 2020, the team has closed more than 50 transactions worth over $8 billion in enterprise value. With a staff of approximately 20 investment bankers in Washington, D.C., London, and Los Angeles, Houlihan Lokey’s A&D practice is among the largest dedicated industry banking groups worldwide. In 2021, the Industrials Group was once again ranked as the No. 1 M&A advisor for all U.S. industrial transactions, according to Refinitiv.*
*Excludes brokers.
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