Bundy Group Announces Acquisition of Engineered Steel Products, Inc. by New Page Capital
GREENSBORO, N.C., January 28, 2015 – Bundy Group, an investment bank with offices in Roanoke, Virginia, and Charlotte, North Carolina, is pleased to announce the sale of Engineered Steel Products, Inc. (“Engineered Steel Products” or the “Company”), a Sophia, North Carolina-headquartered structural steel manufacturing company. Engineered Steel Products was acquired by New Page Capital (“New Page”), a Greensboro, North Carolina-based private equity group focused on investing in privately held companies in the Piedmont Triad region. Bundy Group served as exclusive advisor to Engineered Steel Products and its shareholders in the sale process. The Forrest Firm, based out of the Raleigh-Durham area, served as legal counsel for the Company during the course of the transaction.
With New Page Capital, Engineered Steel Products establishes a clear succession plan for the future. While co-founders Rob Braswell and Richard Flournoy will continue to hold executive roles, effectively immediately, Rick Ramsey is the new president of Engineered Steel Products. A Darden School of Business M.B.A., Ramsey previously worked with Gilbarco Veeder-Root, a global industrial manufacturer; he continues to serve as operating partner with New Page Capital.
“New Page Capital is a top notch, high-energy team with exceptional management and industry prowess,” said Rob Braswell, former president of Engineered Steel Products. “Rick and his colleagues have strong local ties and the resources and expertise to enhance our future success.”
“With a 25-year track record of providing high quality steel products and impeccable service, Engineered Steel Products holds great promise for future growth,” added Ramsey.
“After performing due diligence on over a hundred potential investment and partnership opportunities, we are excited to forge this new path forward,” commented Adam Duggins, managing partner of New Page Capital.
This is the first major investment deal for New Page Capital, which formed in 2014 to create lasting value by re-energizing Piedmont Triad region companies with revenue between $5 – 35 million, stable cash flows, and sustainable competitive positions. The firm is actively seeking additional investment opportunities.
About New Page Capital
Headquartered in Greensboro, N.C., New Page Capital is a private equity group focused on acquiring, operating and growing privately held companies in the Piedmont Triad region. The firm’s operating team has Fortune 500 management experience, and the investor base includes business, industry and community leaders with strong ties to the Piedmont Triad.
About Engineered Steel Products
Based in Sophia, N.C., Engineered Steel Products, Inc. has a 25-year history of providing steel fabrication manufacturing services to commercial, retail and industrial clients locally, regionally and nationally. A quality-driven company, its team of 30 highly-skilled employees fabricates over 4,000 tons of steel annually.
About Bundy Group
Bundy Group is a boutique investment bank with offices in Roanoke, Virginia and Charlotte, North Carolina. The company specializes in representing business owners and management teams in business sales, acquisitions and capital raises for clients. The 25-year old firm has closed over 200 transactions across a broad range of industries.
About The Forrest Firm
The Forrest Firm is a corporate transactional law firm based in the Raleigh-Durham region of North Carolina. The firm, led by lead attorney James Forrest, has represented over 300 corporate/entrepreneur clients over the last 4 years since its inception.