SteelSummit Acquires Magic Steel Sales
By Metal Center News Staff
on Jun 24, 2019
LaVergne, Tenn.-based SteelSummit Holdings has acquired Magic Steel Sales in a deal of two of North America’s largest service center companies. Steel Summit Holdings was the 22nd-largest service center company in Metal Center News’ 2018 Top 50, while Magic Steel Sales checked in at No. 34.
Magic Steel Sales, based in Grand Rapids, Mich., has approximately $200 million in sales. The carbon and alloys flat-rolled distributor was founded in 1974 by Joe Maggini. It operates facilities in Grand Rapids and Decatur, Ala.
"We are very excited to welcome the Magic Steel employees to the SteelSummit family," said SteelSummit's CEO Todd Rollins. "This acquisition is a perfect complement to our organization as it adds new markets and geographic diversity with minimal customer overlap. It will provide SteelSummit an excellent platform for future strategic growth."
"Our strategic decision to hand over the reins of Magic Steel after 45 years will provide our company a great foundation for future success. I would like to extend my thanks and gratitude to all past and present Magic Steel employees, customers, suppliers and business partners. Without them, none of our growth and success would have been possible,” said Maggini, founder and CEO of Magic Steel Sales.
SteelSummit Holdings, founded in 1987, operates metal service centers in Nashville and Cincinnati, Ohio. The company's global trading business is based in Chicago, Illinois, and has three affiliated metals processing operations in Mexico and a flat rolled metals sales office in Toronto.