Historic steel stockholder strengthens Northern market position with latest acquisition

Steel business Pulman Steel is aiming to further scaleup its operations following its acquisition by private equity firm Breal Capital.

As a result of the acquisition - for an undisclosed figure - Pulman Steel becomes part of Breal Capital’s network of regional UK steel stockholders, benefiting from the combined buying power and operational synergies of the group.

Founded in 1830, Pulman Steel has grown to become an independent steel stockholder and steel processing centre, employing over 80 people with a forecast turnover for 2019 of £13m.

From its purpose-built, 100,000 sq ft facility in Sowerby Bridge near Halifax, the company serves industries including fabricating, sheet metal to construction and engineering.

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 working with the long-standing management team, with the support of Breal Capital, to continue the growth of the company.

Advising Pulman Steel’s shareholders was Newcastle-based Ryecroft Glenton (RG) Corporate Finance, led by partner and head of corporate finance, Carl Swansbury.

Tax advice to the shareholders was provided by RG’s corporate tax partner Simon Whiteside, supported by Charlie Burton.

Chris Horner concluded: “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.”