(Reuters) - Reliance Steel & Aluminum Co (RS.N) has acquired National Specialty Alloys, a specialty alloy processor and distributor of premium stainless steel and nickel alloy bars and shapes.
Terms of the transaction were not disclosed.
Reliance said on Wednesday that current management of NSA, which is based in Houston, will remain in place with Mark Russ continuing as president.
NSA, founded in 1985 and with locations in Anaheim, California; Buford, Georgia; and Tulsa, Oklahoma, had net sales of $96 million in the 12 months ended October 31.
Reliance Chairman and Chief Executive Officer David Hannah said the acquisition will enhance the company's products with the addition of specialty stainless steel and nickel products.
"NSA also expands and complements our exposure to the fast-growing energy market," he said, noting NSA`s primary end market focuses on horizontal drilling and completion tools, pumps and valves used in oil and gas production.
NSA was sold by a consortium of investors led by Post Oak Energy Capital LP and including Chesapeake Investments LLC, Solar Capital Ltd, CarVal Investors LLC and LRC Speciality LLC.