Endless, the UK turnaround house, has acquired steel manufacturer Niagara Lasalle from its US parent Niagara Corporation in a deal worth £27m (€32.4m). GE Capital provided acquisition finance and working capital for the deal.
Based in Willenhall in the West Midlands, Niagara Lasalle employs more than 300 people and operates from six processing and distribution operations throughout the UK. It has a turnover of £60m and will continue to be led by chief executive Tarlok Singh.
The business makes hot rolled and bright steel bars in engineering steel grades and has approximately 5,000 customers across the UK, Europe and North America, ranging from major automotive OEMs to general manufacturers and specialist engineers.
As part of the acquisition, the group acquired a number of properties it operates from in the UK, together with agreeing a comprehensive supply agreement to ensure enhanced trading with its former parent company in the US.
The investment is the 12th deal from Endless’s second fund.