Westbridge Capital Ltd. Has Closed the Acquisition of Federal Steel Supply
Westbridge Capital Ltd. (“Westbridge Capital”) is pleased to announce successfully closing on the new platform acquisition of Federal Steel Supply and its subsidiary Process Piping Materials. Federal Steel Supply is a leading distributor of industrial piping products in the US, supplying hundreds of customers across a variety of end markets including industrial fabrication, food & beverage, midstream oil & gas, power generation, and construction.
Federal Steel Supply has been a preferred steel pipe provider to the global community since 1979. Along with Federal Steel Supply’s two locations in St. Louis, Missouri and Houston, Texas, its subsidiary, Process Piping Materials, spans three locations in Louisiana, New Mexico, and Texas, supporting a strategic network that positions distribution facilities across four states.
Federal Steel Supply completed the acquisition of Process Piping Materials in October 2021. Process Piping Materials specializes in supplying production hookups with pipe, valves, fittings, and flanges, and the strategic combination of Federal Steel Supply and Process Piping Materials has allowed both parties to better serve their customers with a full line of industrial piping products, expanding product offerings in each of the locations.
Led by CEO Scott Harris, Federal Steel has successfully driven both organic and inorganic growth initiatives. Scott is supported by an equally experienced team of business and operational leaders, and Westbridge Capital is extremely please to welcome the entire Federal Steel Supply and Process Piping Materials team to the Westbridge Capital family.
Scott Harris commented, “We are thrilled to be welcomed into the Westbridge Capital family. I have been extremely impressed with the talented team of professionals at Westbridge Capital and look forward to having their support and expertise as we continue to execute on our plans for growth at Federal Steel Supply and Process Piping Materials.”
Westbridge Capital conducted the vast majority of the required financial and legal due diligence in-house, and the origination and sales teams were instrumental in supporting the internal and external financing requirements.
Mike Meekins, CEO of Westbridge Capital, was quoted as saying, “Scott and his team have demonstrated the ability to identify and execute on strategic acquisitions. That capacity coupled with their disciplined operational focus has them very well positioned to leverage the Westbridge infrastructure to take the Federal Steel Supply and Process Piping Materials businesses to the next level. We look forward to supporting their ongoing growth initiatives as part of the Westbridge Capital family.”
About Federal Steel Supply
Federal Steel Supply (“FSS”) is one of the largest stocking distributors of large diameter, heavy-walled carbon steel and chrome-moly tubular products in the United States. FSS specializes in steel pipe meant for use in extreme temperature and pressure applications. Supplying multiple grades of pipe covered by ASTM, ASME, and API specifications, the company services various industries world-wide, such as power generation, oil and gas, and various fabricators and manufacturers. For more information, please visit https://www.fedsteel.com.
About Process Piping Materials
Process Piping Materials (“PPM”) is a pipe, valves, and fittings supply company owned by FSS, servicing the oil & gas industry. PPM specializes in supplying materials to the upstream, midstream, and downstream markets, priding themselves on outstanding service and competitive pricing for long-term, mutually beneficial partnerships. For more information, please visit https://processpipingmaterials.com.
About Westbridge Capital Ltd.
Westbridge Capital is a private equity management company. Westbridge Capital focuses on real estate and private equity investments that by their nature have little correlation to publicly listed securities and may be used to diversify a portfolio and reduce overall portfolio risk and Volatility.
About Westbridge Capital Partners Income Trust
Westbridge Capital Partners Income Trust (the Fund) is a Canadian domiciled Mutual Fund Trust managed by Westbridge Capital. The Fund makes high yield loans to mature operating companies and distributes the associated income stream to investors through monthly distributions.