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Breal Capital Acquires Pulman Steel

Steel News - Published on Fri, 15 Nov 2019

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Insider Media reported that a historic West Yorkshire steel business which employs more than 80 staff has been acquired by private equity firm Breal Capital. Founded in 1830, Pulman Steel has grown to become one of the largest independent steel stockholders and leading steel processing centres in the North. It employs more than 80 people with a turnover expected to reach GBP 13 million in 2019. The company operates from a purpose-built, 100,000 sq ft facility in Sowerby Bridge near Halifax, and serves industries including fabricating, sheet metal, construction, engineering, storage, oil and gas, transport, aerospace, rail and offshore energy.

Following the acquisition, Pulman Steel has become part of Breal Capital's network of regional UK steel stockholders, and is set to benefit from the combined buying power and operational synergies of the group.

Following the acquisition, majority shareholder David Shoesmith will retire from Pulman Steel following a short handover. Shareholder and finance director Chris Horner will remain with the business and work with the long-standing management team, with the support of Breal Capital, to continue the growth of the company.

Mr Horner said that "Becoming part of Breal Capital's family of businesses will support our continued strategic growth and strengthen our position as one of the largest, independent steel stockholders in the North of England. Our customers will directly benefit from our new position as a result of the economies of scale that comes with being part of a larger network while maintaining our dedicated and established service to industry across the North."

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Posted By : Rabi Wangkhem on Fri, 15 Nov 2019
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