A Texas private-equity firm has purchased Canfield Metal Coating for $1.2 million.
Insight Equity Holdings LLC, based in Southlake, Texas, made the purchase through its portfolio company New Star Metals, based in Burr Ridge, Ill. The new corporate name for the Canfield location is Canfield Coating LLC, although the company’s website still lists the name as Canfield Metal Coating.
The Canfield company makes light-gauge metal coating. It provides galvanized and painted steel coils to a variety of companies in the packaging, automotive and construction industries. Canfield Metal Coating is at 460 W. Main St.
“We are excited to bring Canfield onto the New Star team. Canfield complements the capabilities we have at our Electric Coating Technologies division, and in the coming months we will be working hard to implement the best practices from both divisions,” said Pat Murley, CEO of New Star, in a statement.
The purchase of Canfield Metal Coating will broaden the New Star offerings, according to a statement from Jack Waterstreet, a principal investor at Insight Equity. The company is looking at additional possible purchases of other metals-related companies.
“The Canfield transaction and simultaneous dividend are both great examples of what Insight Equity can bring to the table. We strive to help grow our companies while also delivering excellent returns to our investors,” according to Victor Vescovo, COO and managing partner at Insight Equity.