TrueNorth Advises Lindquist Steels, Inc.
Stamford, Connecticut June, 2015 – TrueNorth Capital Partners LLC is pleased to announce that its wholly-owned subsidiary, TNCP, LLC (“TrueNorth”) acted as exclusive financial advisor to Lindquist Steels, Inc.(“Lindquist”) in the sale of the assets of its Southeastern service centers to Cincinnati Tool Steel Company (“CTS”). This represents the 18th metals industry-related transaction on which the principals of TrueNorth have advised. Lindquist decided to explore strategic alternatives for substantially all of the operating assets of the business located in the Southeast, which include its Columbia, S.C. and Knoxville, TN locations. The Lindquist name was not a part of the assets conveyed.
Taylor Hoyt, President of Lindquist, commented, “We decided to reallocate management and financial resources and place our focus on our Northeastern operations in Connecticut and New Hampshire. We plan to increase our level of service to Pennsylvania, New York, West Virginia, and other Northeastern States as we have for the past 71 years. We deeply appreciate the loyalty and trust that our Southeastern customers placed in our organization. As a family-owned and operated company like Lindquist, we are confident that Cincinnati Tool Steel will continue with the same dedication to servicing our former customers with fast deliveries and high quality materials as Lindquist has been known for.”
Julie Hansberry, CFO of CTS said “This acquisition fit perfectly into our strategic plan to expand our operations in the Southeast, allowing us to react quickly when we were approached by TrueNorth.” Brian Cincinnati, President and CEO of CTS, said, “We think this is an excellent opportunity for our company to build off the strong base established by Lindquist and their team. We look forward to servicing our new customers.”
TrueNorth Managing Directors, Nick Chapman and Dean Miltimore acted as lead bankers for execution on this transaction and complimented the management teams from Lindquist and CTS for their hard work and dedication to getting this transaction completed. Nick Chapman commented that, “…we are happy to have identified such a good strategic fit for the operations, allowing for a seamless transition for the business and its employees and resulting in a good outcome for Lindquist and its refocused strategy.”
About TrueNorth Capital Partners LLC
TrueNorth Capital Partners LLC www.truenorthcp.com provides corporate advisory services on mergers and acquisitions and restructurings as well as provides valuations and fairness opinions primarily to middle market companies. Capitalizing on the vast international M&A and restructuring backgrounds of its members, the firm provides sophisticated financial advice to middle market clients. TrueNorth’s professionals have built their careers and reputations serving this market and understanding its intricacies. Their skills have been evidenced in hundreds of assignments and they have completed those assignments while always remaining true to their core principles: unwavering commitment to our clients’ best interests and the highest standard of service. TrueNorth conducts its securities-related business through its wholly owned subsidiary TNCP, LLC, member FINRA/SIPC.
About Lindquist Steels, Inc.
For over half a century, Lindquist Steels, Inc. based in Stratford, Connecticut has specialized exclusively in the distribution of the finest tooling materials. Founded in 1944 by George Lindquist, it remains privately owned and operated by the original family. Lindquist’s warehouses include extensive stocks of cold work die steel, cold rolled steel, plastic & rubber mold steel, shock resistant steel, hot work steel, powdered metal, alloy steels, precision ground stock, drill rod and blanks, stripper plate, forgings, and hollow bar. It also supplies cutting and milling services to its customers.
About Cincinnati Tool Steel Company
Founded by the late Ronald F. Cincinnati in 1976, Cincinnati Tool Steel Co. (CTS) has proven itself as a quality tool steel plate and bar provider. As one of the largest stocking distributors of tool steels, powdered metals and alloys, CTS has created a unique place for itself in the tool steel industry. In addition to cutting material to customer specifications, CTS also offers value added services, such as custom boring, surface grinding, centerless grinding, milling and precision saw cutting. Due to CTS’s extensive and diverse inventory, CTS services a variety of industries, which include automotive, computer, aerospace, agriculture, paper and food processing.