Heritage Capital Group Advises Pacific Steel on Sale

JACKSONVILLE, Fla., March 21, 2024 /PRNewswire/ -- Heritage Capital Group, Inc., an investment banking and financial advisory firm serving middle-market and emerging growth companies in the U.S. and worldwide, is pleased to announce that its client, Pacific Steel (located in Quebec), has been acquired by Varsteel.

Pacific Steel was founded in the 1950s and has built a reputation as a trusted source for both fabricators and construction contractors. The company is a leading distributor of structural steel to large fabricators and service centers in eastern Canada and, for certain products, serves customers in the northeastern U.S. and throughout Canada. The company is a full-range supplier, fabricator, and installer of rebar used in construction markets. Pacific serves its customers using two facilities in Laval, Quebec.

Varsteel is a leading steel and pipe service center and metal processor, with over 800 employees and 32 locations in western Canada and the United States. Headquartered in Lethbridge, Alberta, Varsteel has offered supplies and service to its customers for over 70 years. Varsteel's commitment to quality and reliability with every product ensures its customers' satisfaction.

Joe Antebi, president of Pacific Steel, commented, "Pacific Steel built its reputation through decades of hard work by many dedicated employees. I'm proud of the business we have built and believe that Varsteel is an excellent fit to help our company continue on its growth path." Mr. Antebi continued, "The team at Heritage was with us every step of the way during the transaction. Their advice was invaluable throughout the process."

Gerald Varzari, CEO of Varsteel, commented, "We hold Pacific Steel in high regard, and this acquisition marks a pivotal moment for Varsteel, propelling us towards greater strength and diversification as a prominent distributor of structural steel throughout Canada. We have enjoyed the collaborative experience with the entire Heritage team during this transaction."

Heritage served as the exclusive financial advisor to Pacific Steel. The deal team included Bert Tenenbaum, Doug Kravet, Stan Baucum, John Pregulman, and JP Allen. The terms of the transaction were not disclosed.

Heritage Capital Group provides objective advice to private companies in the areas of mergers, acquisitions and divestitures, business valuations, debt and equity capital raises, corporate restructurings, and financial and strategic advisory services focused on enhancing the value of business enterprises. Heritage Capital Group is a FINRA registered broker-dealer, and a member of Oaklins, the world's most experienced mid-market M&A advisor, with 850 professionals globally and dedicated industry teams in 45 countries worldwide.

Media Contact:
Katie Quackenbush
904-354-9600

SOURCE Heritage Capital Group