Aurora Capital sells New Star Metals
Aurora Resurgence, an affiliate of Los Angeles-based private equity firm Aurora Capital Group, has sold New Star Metals and its Premier Resource Group and Electric Coatings Technologies subsidiaries to an affiliate of Insight Equity Holdings.
In conjunction with this transaction, Aurora Resurgence also sold the US Metals and Supply division of New Star to Custom Steel Processing based in Illinois, and retained its ownership of Miami Valley Steel Service.
Under Aurora Resurgence's ownership, Ohio-based Miami Valley will continue to provide processing and distribution of sheet steel products to an array of end markets.
"The Miami Valley team is excited to continue its partnership with Aurora Capital and grow as an independent company by delivering the same uncompromised level of customer service and quality to which its customers have grown accustomed," says Louis Moran, president of Miami Valley.
Gerald Parsky (pictured), chairman of Aurora, says: "This is an excellent result for our investors, and we would like to thank Pat Murley and the company's outstanding management team for their contributions to New Star. We wish the company success and look forward to continuing our partnership with Miami Valley, an exceptional value-added processor and distributor of sheet steel products."
Moelis & Company and TheSeaportGroup advised Aurora on the sale of New Star Metals, and Brown Gibbons Lang & Company also advised Aurora on the sale of US Metals.
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