Alantra advises Admiral Metals on sale to Reliance Steel & Aluminum

Dec 2021

Sell-side advisory

Boston – Alantra, a leading global investment bank and asset management firm, is pleased to announce that it has advised Admiral Metals on its sale to Reliance Steel & Aluminum Co. (NYSE:RS), a leading diversified metal solutions provider. The transaction closed on December 10, 2021 and the value was not disclosed.

Headquartered in Woburn, Mass., Admiral Metals is the largest independent distributor and processor of non-ferrous metal products in the Northeast and mid-Atlantic regions of the U.S. The company stocks a broad set of non-ferrous metals (including aluminum, brass, bronze, copper, and stainless steel) in a variety of shapes, such as roundstock, hex, rectangle, sheet, square, plate, and tubes. Admiral Metals serves a highly diversified range of customers including companies in the semiconductor, automotive, medical, infrastructure, aerospace, and industrial markets. Admiral Metals has been owned by the Burstein family for over 70 years, with first and second-generation family members managing the company.

Reliance is a leading diversified metal solutions provider, offering value-added metals processing services and distributing over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance has completed over 65 acquisitions since 1994 and has reported revenues of over $12 billion over the twelve-month period ended September 30, 2021.

“We are extremely pleased to announce this successful transaction on behalf of Admiral Metals and the Burstein family,” said Paul Colone, Managing Director & Partner with Alantra. “Admiral has enjoyed a rich and successful 70-year history based on outstanding customer service and a reputation for reliability and integrity. We are grateful that the family entrusted Alantra with this assignment and that we could deliver a successful outcome.”

“Our deal team worked hand-in-hand with the Admiral management team throughout the engagement to articulate effectively the strength and sustainability of Admiral’s business,” said Greg Fanikos, Director with Alantra. “Ultimately, Reliance and Admiral shared a common vision and strong enthusiasm for the future of the business. We are convinced that this transaction not only met the shareholders’ objectives but also provides a strong partner for the business moving forward.”

Alantra served as sole financial advisor to Admiral Metals on this transaction. The Alantra team advising Admiral included Mr. Colone, Mr. Fanikos, Michael O’Connell, and Sam Worley. Sullivan & Worcester LLP served as legal counsel to Admiral.