LOS ANGELES, Jul 02, 2013 /PRNewswire/ – Aurora Capital Group (“Aurora”), a Los Angeles-based private equity firm with over $2 billion of assets under management, today announced that its affiliate Aurora Resurgence has completed the sale of Miami Valley Steel Service (“Miami Valley”) to a buyer group consisting of DDJ Capital Management (“DDJ”) and members of Miami Valley’s management team. In August 2012, Aurora sold Miami Valley’s prior parent company, New Star Metals, to an affiliate of Insight Equity Holdings.
Based in Piqua, Ohio, Miami Valley is a leading flat-rolled steel processor that specializes in value-added processing and small order sizes across a broad range of end markets.
Lou Moran, Chief Executive Officer of Miami Valley, commented, “The Miami Valley team thanks Aurora for its outstanding operational support in recent years, allowing us to achieve this milestone. We look forward to working with our new partners to continue on our mission of delivering outstanding service and quality to our customers.”
Steven D. Smith, Managing Partner of Aurora Resurgence, commented, “This sale represents the final chapter of Aurora Resurgence’s successful investment in the New Star Metals platform, which has driven significant incremental value for our investors in the past year since the divestiture of New Star Metals. Lou Moran and his team have done a wonderful job growing the business, and we wish the team great success in the future.”
Moelis & Company and The Seaport Group advised Aurora on the sale of Miami Valley.