LANSING — A Mid-Michigan metal heat treater has acquired Fort Wayne, Ind.-based Al-Fe Heat Treating Inc.
The deal allows private equity-backed Premier Thermal Solutions LLC (PTS) of Lansing to expand its heat treating services to work with aluminum materials, as well as broadens its abilities in the automotive, aerospace and defense markets, according to a statement.
“This is an important diversification of our portfolio as we expect to see substantial growth in the use of aluminum in the automotive industry as well as in a variety of other industries that we serve,” PTS President Steve Wyatt stated.
PTS, a portfolio company since last year of New York- and Chicago-based Z Capital Partners LLC, operates five plants in Michigan, Indiana, Ohio and Wisconsin. Founded in 1978, the company has offered commercial metal processing services via its wholly owned subsidiaries Atmosphere Annealing and NitroSteel.
Z Capital Senior Managing Director Rahul Sawhney said the deal positions PTS to consider additional “incremental acquisitions” in the upcoming months. Sawhney described PTS as “acquisition-ready.”
Al-Fe operates four plants in Ohio, Indiana and Michigan, including a location in Saginaw.
“Not only does Al-Fe add incremental heat treating capabilities, but also further strengthens the collective talent at PTS, which will be instrumental in continuing to provide superior customer service,” Sawhney said in a statement.