Sale to Wellspring Capital Management, LLC

Industrial
Sale to Wellspring Capital Management, LLC

Summary

Baird served as financial advisor to Steele Solutions, Inc., a portfolio company of Merit Capital Partners, on this transaction

About

Steele Solutions, Inc. (“SSI” or the “Company”), a portfolio company of Merit Capital Partners (“Merit”), was acquired by Wellspring Capital Management, LLC (“Wellspring”). Terms of the transaction were not disclosed.

Steele Solutions is a leading designer and manufacturer of complex and custom engineered work platforms in distribution, warehousing and manufacturing facilities nationwide. SSI’s offerings include large steel work platforms and mezzanines, as well as other structural steel systems that support the increased use of automation technologies in industrial facilities. SSI’s solutions are used in the automation systems of many of the nation’s largest e-commerce and parcel delivery networks and facilities. With its own dedicated engineering and technical services teams, SSI is deeply involved in the design and customization of each solution to meet unique facility requirements, acting as a value-add partner to its customers and end users. SSI is headquartered in Milwaukee, Wisconsin.

Merit Capital Partners is a private investment firm focused on partnering with business owners, management teams and independent sponsors to provide flexible capital solutions for management buyouts, recapitalizations, acquisition financings and other shareholder liquidity events. Since 1993, Merit has raised over $2.2 billion of capital and made over 90 investments across six funds. Merit is headquartered in Chicago, Illinois.

Wellspring Capital Management is a leading private equity firm headquartered in New York. Since its founding in 1995, Wellspring has raised over $4.0 billion of initial capital commitments through six private equity funds. Over the past 20 years, Wellspring has invested in over 35 platform investments across various segments of the United States and global economies. Wellspring’s objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring seeks to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions.
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Industrial
Sale to Wellspring Capital Management, LLC
Date
May 2020
Company
Steele Solutions, Inc.
Transaction
M&A
Sectors
Industrial
Target Location
North America
Acquiror Location
North America

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