Key Takeaways
- • Littlejohn Capital has completed the exit of Maysteel Industries to Steele Solutions, a Revelar Capital portfolio company, marking the conclusion of a nine-year ownership period that transformed the sheet metal manufacturer from a two-facility operation into a six-facility North American platform.
- • Maysteel operates 950,000 square feet across facilities in Wisconsin (two), Virginia, Texas, Colorado, and Mexico, employing approximately 800 people and serving mission-critical applications in data center, essential infrastructure, alternative energy, and industrial OEM markets where failure tolerance is minimal.
- • Under Littlejohn Capital's stewardship (April 2017–April 2026), Maysteel executed four strategic acquisitions—DAMAC Products (December 2017), Porter Group (December 2019), and Star Precision (January 2024)—that expanded addressable markets and established strong competitive positions in high-growth data center and grid infrastructure segments.
- • Steele Solutions, founded in 1996 and headquartered in Milwaukee, manufactures engineered steel structures for distribution centers and manufacturing plants, with product capabilities including custom steel mezzanines, work platforms, and automation support structures that complement Maysteel's sheet metal and enclosure expertise.
- • Lincoln International served as financial advisor to Maysteel on the transaction; deal valuation and terms were not disclosed in available materials.
Summary
Littlejohn Capital has completed its exit from Maysteel Industries through the sale to Steele Solutions, a portfolio company of Revelar Capital (which has held the stake since June 2020). The transaction represents the conclusion of a nine-year holding period during which Littlejohn Capital transformed Maysteel from a regional manufacturer into a scaled North American industrial platform positioned in high-growth markets including data centers, essential infrastructure, and renewable energy applications.
Maysteel, founded in 1936, specializes in the design, engineering, and manufacturing of custom sheet metal enclosures, electrical cabinets, and metal fabricated assemblies. The company serves diverse end markets including alternative energy, gaming, security, medical devices, utilities, data centers, and self-serve/vending systems. Under Littlejohn Capital's ownership commencing in April 2017, Maysteel expanded from two facilities to six manufacturing locations spanning Wisconsin, Virginia, Texas, Colorado, and Mexico, with a combined footprint of 950,000 square feet and an employee base of approximately 800 people.
Growth was accelerated through strategic acquisitions: DAMAC Products (a California-based data center infrastructure equipment manufacturer) in December 2017; Porter Group (a North Carolina metal fabrication services provider serving security, military, and heavy equipment sectors) in December 2019; and Star Precision (a Colorado sheet metal fabrication provider) in January 2024. These add-on acquisitions established Maysteel as a leader in mission-critical applications characterized by high failure costs and supported expansion into rapidly growing markets such as grid infrastructure and hyperscale data center operations.
Steele Solutions, founded in 1996 and based in Milwaukee, manufactures engineered steel structures for distribution centers, manufacturing plants, and warehouse facilities, including custom steel mezzanines, work platforms for conveyor and robotics integration, and equipment support structures. The combination creates complementary capabilities in materials handling, automation infrastructure, and industrial fabrication. CEO Kevin Matkin of Maysteel noted that the company's "internal engineering, project management, and manufacturing capabilities distinguish Maysteel's tailored solutions in 'cannot fail' applications," positioning the combined platform for accelerated growth across industrial and essential infrastructure end markets. Lincoln International provided financial advisory services to Maysteel on the transaction.
Maysteel, founded in 1936, specializes in the design, engineering, and manufacturing of custom sheet metal enclosures, electrical cabinets, and metal fabricated assemblies. The company serves diverse end markets including alternative energy, gaming, security, medical devices, utilities, data centers, and self-serve/vending systems. Under Littlejohn Capital's ownership commencing in April 2017, Maysteel expanded from two facilities to six manufacturing locations spanning Wisconsin, Virginia, Texas, Colorado, and Mexico, with a combined footprint of 950,000 square feet and an employee base of approximately 800 people.
Growth was accelerated through strategic acquisitions: DAMAC Products (a California-based data center infrastructure equipment manufacturer) in December 2017; Porter Group (a North Carolina metal fabrication services provider serving security, military, and heavy equipment sectors) in December 2019; and Star Precision (a Colorado sheet metal fabrication provider) in January 2024. These add-on acquisitions established Maysteel as a leader in mission-critical applications characterized by high failure costs and supported expansion into rapidly growing markets such as grid infrastructure and hyperscale data center operations.
Steele Solutions, founded in 1996 and based in Milwaukee, manufactures engineered steel structures for distribution centers, manufacturing plants, and warehouse facilities, including custom steel mezzanines, work platforms for conveyor and robotics integration, and equipment support structures. The combination creates complementary capabilities in materials handling, automation infrastructure, and industrial fabrication. CEO Kevin Matkin of Maysteel noted that the company's "internal engineering, project management, and manufacturing capabilities distinguish Maysteel's tailored solutions in 'cannot fail' applications," positioning the combined platform for accelerated growth across industrial and essential infrastructure end markets. Lincoln International provided financial advisory services to Maysteel on the transaction.
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