Universal Seals Acquisition Deal with Aperam
Deal News | Jan 23, 2025 | Globenewswire
Universal Stainless & Alloy Products, Inc., a leading U.S. manufacturer of specialty steel products for aerospace and industrial applications, has completed its acquisition by Aperam, a global leader in stainless and specialty steel solutions. Announced on October 17, 2024, the acquisition was approved by Universal's stockholders in a meeting on January 15, 2025. The transaction, costing $45 per share in an all-cash deal, positions Universal as a wholly-owned subsidiary of Aperam and ends the trading of Universal's shares under the ticker USAP on NASDAQ. Universal's CEO, Christopher M. Zimmer, and Aperam's CEO, Timoteo Di Maulo, expressed enthusiasm about the merger, emphasizing strategic growth and synergy. The acquisition aligns with Aperam's strategy to diversify its product portfolio and bolster its presence in key industries like aerospace. TD Cowen served as the financial advisor while K&L Gates LLP provided legal assistance to Universal.
Sectors
- Specialty Steel Manufacturing
- Aerospace
- Recycling
Geography
- United States – Universal Stainless is headquartered in Bridgeville, PA, and serves the U.S. market, particularly in aerospace and industrial applications.
- Europe – Aperam has a significant presence in Europe with production facilities and is a key player in the European stainless and specialty steel market.
- Brazil – Aperam has production facilities in Brazil, contributing to its global manufacturing operations and supply chain.
Industry
- Specialty Steel Manufacturing – This is relevant as both Universal Stainless and Aperam operate in the specialty steel manufacturing sector, focusing on providing high-quality steel solutions for various industries.
- Aerospace – Universal is a manufacturer of specialty steel products for key aerospace applications, making this industry significant in the context of the merger.
- Recycling – Aperam's operations include a strong focus on recycling and renewables, highlighting its capability to produce stainless and special steels from low-cost biomass.
Financials
- $45.00 per share – The price paid by Aperam for each share of Universal's common stock in the all-cash transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Universal Stainless & Alloy Products, Inc. | Target company | Company | A U.S. manufacturer of specialty steel products used in aerospace and industrial applications. |
| Aperam S.A. | Acquiring company | Company | A global leader in stainless, electrical, specialty steel and recycling. |
| TD Cowen | Financial advisor | Company | Acted as the exclusive financial advisor to Universal in the acquisition deal. |
| K&L Gates LLP | Legal advisor | Company | Provided legal advice to Universal during the acquisition process. |
| Christopher M. Zimmer | President and CEO of Universal | Person | CEO of Universal Stainless, commented on the strategic advantages of the acquisition. |
| Timoteo Di Maulo | CEO of Aperam | Person | CEO of Aperam, expressed the strategic importance of the acquisition. |