HOUSTON, April 4, 2012 /PRNewswire/ -- Post Oak Energy Capital, LP (Post Oak), acting in partnership with Chesapeake Investments LLC, Solar Capital Ltd., CarVal Investors, LLC and LRC Speciality, LLC., has sold National Specialty Alloys, LLC ("NSA") to Reliance Steel & Aluminum Co. (NYSE: RS). Moelis & Company LLC acted as exclusive financial advisor to NSA and the consortium of investors.
NSA is a global specialty alloy processor and distributor for premium stainless steel and nickel alloy bars and shapes, headquartered in Houston, Texas. NSA's primary end market is the energy market with particular emphasis on horizontal drilling and completion tools, pumps and valves used in the drilling and production of oil and gas. Other major markets NSA serves are the petrochemicals, power generation (including nuclear), water and waste treatment, pulp and paper, marine equipment, military and defense, aerospace and other industrial machinery markets.
Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is the largest metals service center company in North America. Through a network of more than 220 locations in 38 states and Belgium, Canada, China, Malaysia, Mexico, Singapore, South Korea, the U.A.E. and the United Kingdom, the Company provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries.
A consortium of investors led by Post Oak acquired the company in August 2007 and Mark Russ was appointed President and CEO in conjunction with this acquisition. The company's founder, Lane Cobden, remained active with the company as an investor and non-executive Chairman. During the last five years NSA grew its market share and product offering in the North American market as well as in Latin America and Asia. The sale of the company is the next logical progression for NSA's growth trajectory.About Post Oak Energy Post Oak, which was established in 2006, is based in Houston, Texas and its management team has executive management experience and a broad network in the energy business as well as significant expertise in private equity investments, operations, development, finance, acquisitions and divestitures. The firm pursues private equity investments primarily in the upstream sector of the oil and gas industry in North America and, to a lesser extent, in oil field services and related infrastructure. Post Oak works in close partnership with operating management teams to build businesses, accelerate growth and enhance shareholder value. Post Oak's website is www.postoakenergy.com. About Solar Capital Solar Capital Ltd. is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in leveraged, middle market companies in the form of senior secured loans, mezzanine loans, and equity securities.
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