Citizens Capital Markets, Inc. announced that it served as financial advisor to Liberty Steel Products, Inc. in its divestiture of Welded Tubes, Inc. (“WTI”) to Lock Joint Tube LLC, a subsidiary of Steel Warehouse Company, LLC. WTI’s President, Joe Frandanisa, the management team and the workforce will remain in place at WTI’s factory in Orwell, Ohio.
WTI, which was founded in 1958, is a producer of high-quality, precision electric resistance welded carbon and stainless steel tubing. The company is the market leader for headrest tubing to the North American automotive industry. WTI’s products are valued by customers for their ability to hold tight tolerances, manufacturability and strength, especially in demanding safety applications.
Jim Grasso, president and CEO of Liberty Steel Products, said “The Citizens M&A Advisory team gave us excellent service. Their market knowledge, persistence and attention to detail served us well throughout the transaction.”
Citizens M&A Advisory specializes in middle-market mergers and acquisitions as well as later-stage financing transactions.