Deal Synopsis:
The Lenox Group advised a management team on the acquisition of the operations of MJ1, Inc. Established in 1958, MJ1 is a manufacturing and outsourced services company to various metals industries. Its product line includes consumable and repair items for metal smelters and is the leading supplier of spent pot-liner transportation. The Company is comprised of three subsidiaries: Precision Inc., Precision of Ohio Inc. and PIC Leasing Corporation. The acquiring management team, led by Michael Lewis, had over 50 years of operating and management experience in the metals industry.
The acquisition financing was provided by a consortium of groups including a Pittsburgh based private equity sponsor, Standish Capital, LLC. First Commonwealth Bank provided the working capital facility, and Gladstone Capital Corporation (NASDAQ: GLAD) provided the term debt for the transaction.