GREENWICH, Conn., March 24, 2016 /PRNewswire/ -- Black Diamond Capital Management, L.L.C. ("Black Diamond") announced today that its affiliated investment vehicle has signed a definitive agreement with ArcelorMittal to acquire ArcelorMittal's LaPlace, LA, Harriman, TN and Vinton, TX steelmaking and finishing operations focused on the production and sale of long carbon steel products in North America.
The LaPlace operations are primarily located outside of New Orleans with an additional rolling mill in Harriman, TN and three strategically located stocking depots in Tulsa, OK, Chicago, IL and Pittsburgh, PA. The LaPlace and Harriman facilities are leading producers of light structural shapes and merchant bar quality products. The Vinton facility, located near El Paso, TX, is a leading producer of rebar for the construction industry and grinding media for the mining industry.
Black Diamond has a long history of investing in the metals sector and views the facilities as a strong platform for growth in the steelmaking industry.
"We are pleased to be acquiring these facilities and continuing to provide high-quality steel products and exceptional service to their respective customers," said Stephen H. Deckoff, Founder and Managing Principal of Black Diamond. "These facilities operated as a part of independent companies in the past and we look forward to coupling that entrepreneurial background with Black Diamond's prior experience to expand the customer and product base."
The acquisition is expected to close in early April. Jones Walker has served as legal counsel to Black Diamond in connection with this acquisition. Calibre Group provided advisory services in connection with a broad range of union related matters.
About Black Diamond
Black Diamond is a leading alternative asset management firm with over $8 billion in assets under management. Black Diamond is currently pursuing control distressed/private equity investments from its fourth private equity fund. Black Diamond's control distressed/private equity funds focus specifically on middle market companies with market leadership positions within their sectors. Founded in 1995, Black Diamond employs investment professionals across offices in Greenwich, CT, Lake Forest, IL, London, England and St. Thomas, USVI.
SOURCE Black Diamond