Nov. 13, 2013
Flack Merges with GlobeNet Metals
Flack Steel has agreed to merge with GlobeNet Metals to create a $200 million steel service business to serve the global steel market. Flack Steel’s headquarters will remain in Cleveland, and it will retain GlobeNet’s Scottsdale, Ariz., office.
Flack Steel, founded in Cleveland in 2010 by Jeremy Flack, distributes hot-rolled, cold-rolled, galvanized and painted sheet products. The company also provides proprietary derivatives solutions for customers throughout North America. GlobeNet Metals, founded 13 years ago by Ben Bucci, provides similar steel products to its industrial manufacturing customers.
"This combination allows us to accomplish several strategic objectives simultaneously, including expanding our geographic reach, diversifying our customer base and broadening our avenues for supply," says Flack. "With the addition of Ben and his talented team, we are a significantly larger and stronger partner for customers and vendors with tremendous long-term growth potential—both organically and through additional transactions."
"We are thrilled to be a part of Flack Steel, which I have long considered an industry innovator," says Bucci. "The combined strengths of these businesses will allow us to accelerate our respective growth agendas in ways we could not have done separately. Flack's superb derivatives tools will allow us to provide a whole new level of service to our customers."