Key Takeaways
- • Bull Moose Tube Company has agreed to acquire Hanna Steel, an Alabama and Illinois-based producer of structural and mechanical steel tubing with approximately $80 million in annual revenue and several hundred employees, with closing expected in Q3 2026.
- • The Hanna Steel acquisition marks Bull Moose's third major U.S. manufacturing expansion under Paul family ownership in recent years, following the September 2025 purchase of Ferrous85 and new manufacturing capacity built in Texas starting in 2021.
- • Bull Moose operates seven manufacturing facilities across the United States with annual production capacity exceeding one million tons, positioning it as one of North America's largest welded steel tubing producers.
- • The Paul family's Caparo Group pursues a multi-decade buy-and-build strategy in steel tube manufacturing without private equity constraints or fund life limitations, enabling patient capital deployment across domestic industrial assets.
- • The acquisition timing aligns with sustained domestic steel demand from infrastructure spending, utility grid modernization, energy projects, manufacturing reshoring, and data center construction—end markets where Bull Moose's tubing products participate directly.
Summary
Bull Moose Tube Company has agreed to acquire Hanna Steel, extending a deliberate expansion strategy by the Paul family's Caparo Group into American steel tube manufacturing. The transaction, expected to close in the third quarter of 2026, represents Bull Moose's third significant U.S. manufacturing investment in recent years and underscores a long-term capital deployment model unconstrained by traditional private equity fund timelines.
Founded in 1954, Hanna Steel manufactures structural and mechanical steel tubing for commercial construction, infrastructure, and industrial applications. The company operates tubing facilities in Alabama and Illinois, a coil-coating operation in Alabama, and its own trucking business. Industry sources estimate annual revenue at approximately $80 million with employment of several hundred workers. The Tuscaloosa facility spans more than 600,000 square feet. The acquisition ends more than 40 years of Hanna family ownership, dating to 1984 when Pete Hanna purchased the company from his father, General Hanna, and expanded it into one of the nation's largest independent producers of structural and mechanical steel tubing.
Bull Moose, founded in 1962 and headquartered in Chesterfield, Missouri, operates seven manufacturing facilities across the United States with annual production capacity exceeding one million tons. The company is one of North America's larger producers of welded steel tubing, hollow structural sections, and mechanical tubing. Under Paul family ownership through Caparo Bull Moose, the North American subsidiary of Caparo Group, Bull Moose has pursued consistent expansion. John Krupinski, CEO of Bull Moose Tube, stated: "The acquisition of Hanna Steel is a strong strategic fit for Bull Moose as we continue to expand our capabilities and enhance value for our customers. Hanna adds complementary assets, experienced teams, a respected reputation and culture, along with a product portfolio that supports our long-term growth strategy."
Following Lord Swraj Paul's death in August 2025, leadership passed to his son Ambar Paul, who serves as chairman of Bull Moose Tube. Ambar Paul emphasized the strategic pattern: "As our third major investment in recent years, Hanna Steel builds on a clear pattern of strategic expansion, adding depth to our manufacturing capabilities and reinforcing our commitment to long-term, sustainable growth." The Hanna acquisition follows Bull Moose's September 2025 purchase of Ferrous85 from Ferragon Corporation, a Sinton, Texas-based toll-processing business operating adjacent to Steel Dynamics' steel campus with one of North America's largest steel coil slitting operations. Bull Moose also closed its Burlington, Ontario facility in 2025, consolidating production into U.S. operations.
The timing reflects favorable market dynamics. Domestic steel demand continues to benefit from infrastructure spending, utility grid modernization, energy projects, manufacturing reshoring, and data center construction. The broader steel tubing market remains fragmented despite decades of consolidation, creating ongoing opportunities for strategic buyers seeking additional capacity, geographic reach, and product breadth. For the Paul family, Hanna Steel represents another building block in a patient, family-controlled buy-and-build strategy unencumbered by traditional fund life constraints—a model increasingly distinct in an industrial consolidation landscape dominated by private equity sponsors.
Founded in 1954, Hanna Steel manufactures structural and mechanical steel tubing for commercial construction, infrastructure, and industrial applications. The company operates tubing facilities in Alabama and Illinois, a coil-coating operation in Alabama, and its own trucking business. Industry sources estimate annual revenue at approximately $80 million with employment of several hundred workers. The Tuscaloosa facility spans more than 600,000 square feet. The acquisition ends more than 40 years of Hanna family ownership, dating to 1984 when Pete Hanna purchased the company from his father, General Hanna, and expanded it into one of the nation's largest independent producers of structural and mechanical steel tubing.
Bull Moose, founded in 1962 and headquartered in Chesterfield, Missouri, operates seven manufacturing facilities across the United States with annual production capacity exceeding one million tons. The company is one of North America's larger producers of welded steel tubing, hollow structural sections, and mechanical tubing. Under Paul family ownership through Caparo Bull Moose, the North American subsidiary of Caparo Group, Bull Moose has pursued consistent expansion. John Krupinski, CEO of Bull Moose Tube, stated: "The acquisition of Hanna Steel is a strong strategic fit for Bull Moose as we continue to expand our capabilities and enhance value for our customers. Hanna adds complementary assets, experienced teams, a respected reputation and culture, along with a product portfolio that supports our long-term growth strategy."
Following Lord Swraj Paul's death in August 2025, leadership passed to his son Ambar Paul, who serves as chairman of Bull Moose Tube. Ambar Paul emphasized the strategic pattern: "As our third major investment in recent years, Hanna Steel builds on a clear pattern of strategic expansion, adding depth to our manufacturing capabilities and reinforcing our commitment to long-term, sustainable growth." The Hanna acquisition follows Bull Moose's September 2025 purchase of Ferrous85 from Ferragon Corporation, a Sinton, Texas-based toll-processing business operating adjacent to Steel Dynamics' steel campus with one of North America's largest steel coil slitting operations. Bull Moose also closed its Burlington, Ontario facility in 2025, consolidating production into U.S. operations.
The timing reflects favorable market dynamics. Domestic steel demand continues to benefit from infrastructure spending, utility grid modernization, energy projects, manufacturing reshoring, and data center construction. The broader steel tubing market remains fragmented despite decades of consolidation, creating ongoing opportunities for strategic buyers seeking additional capacity, geographic reach, and product breadth. For the Paul family, Hanna Steel represents another building block in a patient, family-controlled buy-and-build strategy unencumbered by traditional fund life constraints—a model increasingly distinct in an industrial consolidation landscape dominated by private equity sponsors.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.