A BLACKBURN steel firm has grown its business with the takeover of a West Midlands based company.

Steel Dynamics Group, based on Walker Industrial Estate, Walker Road, has now created a combined business of over 100 employees and revenues of more than £35 million thanks to its purchase of Walsall based Offshore Stainless Supplies Limited.

The deal was completed for an undisclosed sum.

Steel Dynamics Group CEO Ian Griffiths said: "The acquisition reinforces our position as the largest stainless plate processor in the UK and broadens our inventory and processing offering to our customers."

As well as Blackburn, the company also has offices in the North East and the Midlands, with this area in particular now strengthened thanks to the recent takeover.

The deal was completed thanks to advice from chartered accountants and business advisory firm Cowgills and debt facilities financed by merchant banking group Close Brothers.

Ian Johnson and Ben Barlow, both employed by Cowgills, provided advices on debt, financial due diligence and the deal's tax implications.

Cowgills director Ben Day, who led on debt advisory, said: “This is another great acquisition which shows how strong the mergers and acquisitions deal market is at present.

"Close Brothers were really accommodating, continually helping to find solutions as the nature of the deal changed several times through the process.”

All of the parties involved hope that the takeover will prove to be a pandemic era success story, with the crisis having been extremely difficult for businesses all over the country.

Close Brothers regional sales director Andrew Metcalfe said: “Close Brothers are proud to support Steel Dynamics on their recent acquisition of OSSL and providing structured debt facilities to facilitate the transaction and allow continued investment and growth.

"We have continued lending throughout the Covid-19 pandemic and we look forward to supporting Ian and the team as they grow and develop the business."