Work at the Frederick plant continues after acquisition, sale of property – BizWest

FREDERICK — A sheet metal company in Frederick will continue to operate after it was acquired and its industrial assets were sold for $14.2 million.

Maysteel Industries LLC, a portfolio company of Allenton, Wisconsin-based Littlejohn Capital LLC, in January acquired Star Precision Manufacturing Inc., a full-service sheet metal fabrication, precision machining and complete finishing services company. Then last month, an entity representing Star Precision sold more than 100,000 square feet of manufacturing space and approximately 8,000 square feet of offices at 7300 Miller Drive in the Frederick West Business Center to IA Miller Drive LLC, a company incorporated in Hartland, Wisconsin, and representing Investors Associated LLP. This private equity investment group file industrial and commercial properties already included nine other parcels in northern Colorado, including sites in Fort Collins, Loveland, Windsor and Johnstown.

“It’s quite a gamble for them to cover the Midwest,” said Manuel Martin, junior vice president of Atlanta-based Bellstreet Commercial Real Estate.

“I think it’s great overall that new investors are coming from out of state and pumping money into the area,” said Martin, who works in Bellstreet’s Denver office and represented the seller in the real estate transaction that closed on May 13. “This is a group with a lot of money, and the more money you have in a place, the better it will be to maintain it. It ensures the future of this industrial space.”

Plus, Martin said, “all the other properties in the area will increase in value with a sale of this value, which is good from a tax revenue standpoint for Frederick. Overall, it’s a win-win.”

The Frederick facility will continue to operate as Star Precision, according to a press release from Maysteel. However, calls to the company are answered via the “Maysteel” automatic telephone tree.

“We are now officially called Maysteel Colorado,” explained Patricia Hofmann, the company’s director of human revelations in Frederick, “but we still operate as Star Precision.”

Maysteel expanded its products and services, as well as its geographic reach, with the acquisition of Star Precision, which specializes in sheet metal fabrication of complex equipment serving a diverse customer base in a wide variety of industries, including utilities, telecommunications, scientific instruments, medical vehicles, for data storage and recreational purposes.

“Maysteel participates in a variety of defined industries that require durable sheet metal solutions. “Star Precision complements our growing platform as we continue to scale and diversify our metal fabrication and processing capabilities,” Maysteel CEO Kevin Matkin said in a prepared statement. “For over 15 years, Star Precision has built its reputation serving customers in Colorado, and we look forward to building on the relationships we have established to offer additional products and services in various markets. Star Precision is a key element of our future success and growth. We are thrilled to have the company and its people as part of Maysteel.”

“I wanted the new owner of Star Precision to share the same values ​​towards our customers and employees and leverage what we have built over the last 16 years and lead the company forward,” John Wisławski, CEO and owner of Star Precision, added in the release press release. “Maysteel’s local approach to meeting customer needs is a perfect fit for Star Precision’s culture, and we look forward to expanding Star Precision’s capabilities into broader geographies. We are very pleased to be part of Maysteel, and with the company’s additional resources, product lines and talent, we will be able to better serve our customers with high-quality products and services.

Max Daffron, economic development manager for the city of Frederick, confirmed to BizWest that they are “still working there,” and Hofmann said the current employee count is 57.

Martin said the company had about 300 employees in Frederick two decades ago, and he speculates that number is lower now because “everything is moving toward automation.”