Claymont Steel Holdings Completes IPO
19 Gennaio 2007 - 12:04AM
Business Wire
H.I.G. Capital, a Miami-based private equity firm, announced today
that its portfolio company, Claymont Steel Holdings (NASDAQ:PLTE),
has successfully completed its initial public offering. The Company
currently trades under the symbol PLTE. Of the 10,005,000 total
shares sold in the offering, 3,755,000 shares were sold by H.I.G.
and 6,250,000 were sold by Claymont Steel. The Company�s net
proceeds of over $90 million will largely be used to redeem
outstanding debt obligations. The offering yielded net proceeds of
$59.4 million to H.I.G. and its affiliates, which, after the IPO,
retain a 43% ownership stake in the company and majority control of
the board. Claymont Steel operates a steel mini-mill specializing
in the manufacture and sale of custom-order discrete steel plate in
the United States and Canada which is used in a variety of
applications including bridges, railcars, tool & die
manufacture, and specialty machine & equipment manufacture. The
Company's specialized production facilities are specifically
configured to provide custom-sized steel plate in small order sizes
and on short lead times, which gives it a strong advantage over
commodity-oriented domestic steel plate manufacturers which are
physically unable to produce a significant portion of Claymont
Steel�s product range. H.I.G. Capital acquired Claymont Steel,
formerly known as CitiSteel USA, Inc. in June of 2005. Upon
consummation of the acquisition, H.I.G. recruited Jeff Bradley,
formerly of Worthington Steel, as the Company�s CEO and David
Clark, as the Company�s CFO, to complement the existing management
team. In partnership with H.I.G., the management team has driven a
thorough overhaul of the facilities and operations of the business,
investing over $20 million to increase the capacity of the plant
from 400,000 tons to 550,000 tons while at the same time increasing
its efficiency and reliability. In addition, the team has
successfully expanded the company�s share of high margin
underserved market niches like custom burned parts and bridge
fabrication in the western United States. These initiatives have
contributed to a significant increase in Claymont�s operating and
financial performance, with EBITDA increasing to over $91 million
in the trailing 12 months ended September 31, 2006. Matt Sanford, a
Managing Director at H.I.G., commented, �The Claymont story
continues to unfold very well for all of the Company�s
stakeholders. We believe the Company�s niche, value-added strategy
focusing on specialty and custom products will continue to serve it
well in the future.� About H.I.G. Capital: H.I.G. Capital LLC
(�H.I.G.�) is a leading private equity and venture capital
investment firm with more than $3 billion of equity capital under
management. Based in Miami, and with offices in Atlanta, Boston,
and San Francisco, H.I.G. specializes in providing capital to small
and medium-sized companies with attractive growth potential. H.I.G.
invests in management-led buyouts and recapitalizations of
profitable and well managed manufacturing or service businesses.
H.I.G. also has extensive experience with financial restructurings
and operational turnarounds. Since its founding, H.I.G. has
completed in excess of 70 transactions. The firm currently manages
a portfolio of more than 75 companies with combined revenues in
excess of $5 billion. For more information, please refer to the
H.I.G. website at http://www.higcapital.com. For more information
about the Company, please visit www.citisteel.com.
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