V&A Capital, a New York based private equity firm, is pleased to announce that it has completed the acquisition of the century-old, family-owned Precision Kidd Steel Co., Inc. (“Precision Kidd”), a leading Pittsburgh-based producer of precision engineered high-quality, cold-drawn steel bar, wire and special profile shapes.
“We are delighted to partner with Precision Kidd’s management team to continue growing the business into new markets, as well as to expand its footprint through potential industry consolidation and acquisitions” says Nicolò Vergani, Founder and CEO of V&A Capital.
Founded in 1885, Precision Kidd, which is the number one independent manufacturer of drill rod tool steel in the U.S. and processes approximately 30 million pounds of steel-based products annually, supplies its broad range of products to a wide and diversified customer base operating in different markets, including automotive, oil & gas, hand and power tools, power generation, machinery, textile and aerospace.
“We look forward to working with the V&A team and utilizing their significant network of investors and strategic partners to provide the necessary capital and operational skills to expand our distribution footprint and take Precision Kidd to the next level,” says Dom Lea, current and future CEO of the company.
JPMorgan Chase & Co. provided the financing to support the acquisition; Loeb & Loeb provided legal the advice to V&A Capital.