Venture Acquires Fellow Canadian Distributor Gatsteel
Venture Steel, Etobicoke, Ontario, has reached a tentative agreement to purchase the assets of nearby Gatsteel Industries. Gatsteel is a distributor of coated and cold-rolled products used primarily in the light manufacturing, construction, tubing and HVAC market sectors.
"It is our belief that in making this acquisition, Gatsteel will be positioned to further expand its business. Gatsteel will continue to operate as a standalone unit under the current management structure. We anticipate that Venture and Gatsteel will offer increased value to customers and will be the supplier of choice across a wider range of product offerings," says Venture Steel President Beric Sykes.
Gatsteel maintains a 54,000-square-foot facility in Ontario, plus a sales office in Kirkland, Quebec. With this purchase Venture has expanded its footprint in Ontario, Quebec, Western Canada and the northern U.S. markets. The transaction will bring Venture Steel customer, product, market and geographic diversification and will round out its flat-roll portfolio by adding light-gauge slitting, blanking and cut-to-length, the company says.
"Venture Steel is committed to strengthening our company within the flat-roll marketplace. We believe this transaction reflects that pursuit. We look forward to working with Gatsteel and welcome them to the Venture Steel team," Sykes says.