12/4 Maysteel in Allenton Sold to Los Angeles Private Equity Firm

Maysteel LLC, a manufacturer of sheet-metal enclosures in Allenton, has been sold to a private equity firm based in Los Angeles. Revolution Capital Group announced Monday it had acquired Maysteel for an undisclosed price. Selling the metal-forming company was Everett Smith Group Ltd., a Milwaukee investment firm with businesses that generate more than $800 million in annual revenue. Everett Smith and its predecessors have owned Maysteel since 1964.  Maysteel operates a 240,000-square-foot plant in Allenton and a smaller factory in Monterrey, Mexico. The company makes enclosures for everything from vending machines to gaming equipment. In March 2012, Maysteel negotiated a three-year labor contract with the Association of Machinists and Aerospace Workers, which represents about 300 employees in Allenton and averted a strike. Maysteel closed its Menomonee Falls factory in 2009 cutting 165 jobs, along with a plant in Columbus that employed 89. The sale of Maysteel is the third by Everett Smith Group of one of its businesses in less than four years. Management officials at Everett Smith the parent operator believed the new company Revolution Capital Group would continue to operate the Allenton plant.  According to company sources, part of the transaction calls for Revolution Capital to commit to putting $150,000 into the community in Allenton. WBKV News attempted to contact Maysteel President Kevin Matkin to get his comments on the sale, but our calls were not returned.
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