SteelSummit Holdings Expands Footprint with Strategic Acquisition of Magic Steel Sales
LaVergne, TN – June 24, 2019 – SteelSummit Holdings, a leading national metals service center and trading company, today announced the acquisition of Magic Steel Sales. Terms in the all-cash deal were not disclosed.
With approximately $200 million in sales, Magic Steel Sales is a leading steel service center company headquartered in Grand Rapids, Michigan. The company was founded in 1974 by Joe Maggini and operates service centers in Grand Rapids, Michigan and Decatur, Alabama.
“We are very excited to welcome the Magic Steel employees to the SteelSummit family” said SteelSummit’s CEO Todd Rollins. “This acquisition is a perfect complement to our organization as it adds new markets and geographic diversity with minimal customer overlap. It will provide SteelSummit an excellent platform for future strategic growth.” Rollins also said, “We are very pleased that Joe and the Magic Steel leadership team has entrusted SteelSummit to build on the great success and values of the Company he founded in 1974.”
Joe Maggini, Founder and CEO of Magic Steel Sales, added, “Our strategic decision to hand over the reins of Magic Steel after 45 years will provide our company a great foundation for future success. I would like to extend my thanks and gratitude to all past and present Magic Steel employees, customers, suppliers and business partners. Without them, none of our growth and success would have been possible. The past ownership wishes SteelSummit and the Magic Steel family every success as they move forward.”
About SteelSummit Holdings
SteelSummit Holdings is a leading national metals service center and trading company with sales of approximately $600 million. Founded in 1987, the company is headquartered in Nashville, Tennessee and operates metal service centers in Nashville and Cincinnati, Ohio. The Company’s global trading business is based in Chicago, Illinois. The Company also has three affiliated metals processing operations in Mexico and a flat rolled metals sales office in Toronto, Canada. SteelSummit is a subsidiary of Tokyo-based Sumitomo Corporation, a leading Fortune 500 global trading and investment company with 133 locations in 66 countries and over 900 group companies worldwide.