Z Capital Completes Acquisition of Atmosphere Annealing and NitroSteel

NEW YORK, April 3, 2017 /PRNewswire/ -- Z Capital Partners, L.L.C. ("Z Capital"), the private equity management arm of Z Capital Group, L.L.C., a leading global alternative investment manager focused on opportunistic, value-oriented private equity and credit funds, today announced the successful completion of the acquisition of Atmosphere Annealing, L.L.C. ("AA") and NitroSteel, L.L.C. ("NS"), collectively known as Premier Thermal Solutions, L.L.C. ("PTS"). Terms of the transaction were not disclosed.

With plants in Ohio, Michigan and Indiana, AA provides metal heat treating and related services to various end-markets, including automotive, trucking, oil and gas, agriculture, heavy construction and military. With a plant in Wisconsin, NS provides environmentally friendly, cost-effective, long-lasting and superior-performing ferritic nitrocarburized ("FNC") steel bars that are utilized primarily in fluid power applications in the agricultural, construction, mining, marine, utility and automotive end-markets.

With Z Capital's financial and operational resources, PTS plans to expand its metal heat-treating service offering by adding capabilities organically, through strategic acquisitions and by diversifying into additional end-markets.

"The closing of the acquisition of PTS signifies our continued success investing in the industrial and automotive sectors and I am thrilled to officially welcome the company into the Z Capital family," said James Zenni, Founder, President and Chief Executive Officer of Z Capital Group. "Over the years we have refined our expertise by investing in numerous companies in these sectors including Bayou Steel, MSDP Group, PTC Alliance and Wise Metals Group and we look forward to leveraging our knowledge to help PTS continue its rapid expansion."

"We are pleased to have closed the acquisition and are excited about the growth opportunities ahead for PTS," said Rahul Sawhney Senior Managing Director of Z Capital. "The company's high-quality product and services offerings, coupled with Z Capital's specialized sector knowledge and operational expertise position PTS for long-term success. We look forward to partnering with their outstanding leadership team to accelerate the company's growth both organically and through strategic acquisitions."

About Atmosphere Annealing

AA was started in the late 1970s with its first plant in Lansing, Michigan. Today, AA has four plants in Lansing, Michigan, Canton, Ohio and North Vernon, Indiana. AA has substantial metallurgical expertise and provides metal heat treating (including annealing, normalizing and quenching & tempering) and related services primarily to the automotive, light and heavy truck, agriculture and energy sectors. Parts processed by AA provide durability and dependability required for mechanically strenuous jobs. AA is on the approved vendor list for a vast majority of OEMs, Tier I and II suppliers.

About NitroSteel

NitroSteel is the only domestic provider of nitro-carburized bars and tubes in the 13-24' range. NitroSteel's nitro-carburizing process is a "green" alternative to chrome (i.e., no hazardous by-products) and provides improved wear resistance, better lubrication retention, dent resistance, increased service life and can last up to three times longer. Products are used in machinery and equipment in outdoor settings in the agricultural, energy, industrial, mobile equipment and military end-markets.

About Z Capital Group

Z Capital Group, L.L.C. is a leading alternative asset management firm with $2.3 billion in regulatory assets under management across complementary private equity and credit businesses. Z Capital manages both opportunistic, value-oriented private equity and credit funds with offices in New York, NY; Lake Forest, IL; and Zurich, Switzerland.

Z Capital's investors are some of the largest and most sophisticated global institutional investors in North America, Europe, Asia, Africa and the Middle East including, public and corporate pension funds, university endowments, foundations, sovereign wealth funds, central banks, and insurance companies. For more information, please visit www.zcapgroup.net.

Contact
Joele Frank, Wilkinson Brimmer Katcher
Jonathan Keehner / Julie Oakes / Tim Ragones
212-355-4449

SOURCE Z Capital Partners, L.L.C.