Tempel Steel Company has been sold to Worthington Industries, Inc. (NYSE:WOR)
Tempel Steel Company
Tempel is a leading manufacturer of steel laminations for electric motors, transformers and generators. The company’s products are sold into high growth end markets, including alternative energy, automotive, appliances, HVAC, infrastructure and electric vehicles. Founded in 1945, Tempel is headquartered in Chicago, Illinois, with additional manufacturing facilities in Canada, China, India and Mexico.
The Deal
As the world transitions to electric energy, Tempel approached Lincoln to explore options to best position the company to capture the next stage of innovation and growth. Lincoln’s collaborative team of senior capital advisory and industry bankers analyzed multiple options available to the shareholders, while leveraging the firm’s global network of both financial and strategic investor relationships. Tempel and its shareholders decided to pursue a sale to Worthington Industries, preserving Tempel’s rich legacy and fueling its next stage of growth. The transaction immediately positions Worthington, a leading industrial manufacturing company with 53 facilities in seven countries, as a leader in the rapidly growing electrical steel laminations market. Worthington acquired Tempel for a base purchase price, as defined in the agreement, of $295 million reduced by approximately $40 million of liabilities, which were assumed by Worthington.
Our Perspective
Alex Stevenson, Managing Director and Co-head of Lincoln’s Capital Advisory Group, commented, “By exploring numerous financial and strategic options, we were able find a partner to support Tempel’s and its shareholders’ long- term objectives at an inflection point in the industry. We are honored to have worked with such a dedicated shareholder group and management team throughout the process.”
The Lincoln team was instrumental in helping us complete this important transaction, a truly collaborative partner at every step of the process. They worked tirelessly to drive a great outcome for Tempel, its shareholders and Worthington. We look forward to our new partnership with Worthington.
Meet our Senior Team
I am a rigorous advocate for my clients with a hands-on, communicative approach, focused on delivering intense advocacy and outlier results.
Sean Bennis
Managing Director & Co-head of Industrials
Chicago
We structure creative financing solutions for complex transactions in order to maximize optionality and value for our clients.
Alexander Stevenson
Managing Director & Co-head of Capital Advisory
Los Angeles
View More Transactions in Industrials & Capital Advisory
Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.