Customer Success Story: Esmark Steel Group
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Two brothers built Esmark Steel Group into a leading steel distribution center - in five short years - with the help of GE Capital. In 2008, when the company sold its primary assets to Russia's second-largest steel company, GE Capital was the sole lender. In 2010, they're still working together.
HIGHLIGHTS
- In December 2006, Esmark made a bid for legendary steelmaker Wheeling Pitt - and GE Capital served as lead agent for the financing.
- When Esmark re-entered the industry with its acquisition of Amtex Steel in November 2009, GE Capital stepped up again.
- In June 2010, GE Capital committed $60 million for Esmark's three latest acquisitions.
SUCCESS, FORGED QUICKLY
After a 20-year career in the international steel industry, Jim Bouchard became an entrepreneur. In 2003, he and his brother Craig made the first of 11 acquisitions - a steel company in East Chicago, Indiana. When they sold their business in 2008, they had built a base of more than 2,000 customers across the Midwest.
In December 2006, Esmark made a bid for legendary steelmaker Wheeling Pitt - and GE Capital served as lead agent, providing a $375 million revolving credit facility to be used for working capital and debt refinancing.
GE Capital worked with Esmark through the tightening credit markets of 2007. One year later, at the peak of the steel market, GE Capital was the sole lender when Esmark decided to sell its primary assets to Russia's second-largest steel company.
In November 2009, GE Capital stood alongside the Esmark team when they re-entered the industry with their acquisition of Amtex Steel, now renamed Chicago Steel & Iron.
And once again in June 2010, GE Capital committed $60 million for their acquisitions of Sun Steel, Century Steel and Independent Steel.
