Merit Capital Partners is pleased to announce the successful exit of its Fund VI investment in Steele Solutions, Inc. (“SSI” or the “Company”). SSI was sold in May 2020 to Wellspring Capital Management Group LLC.
Merit made its investment in SSI in May 2016 in partnership with SSI’s management shareholders. Founded in 1996 and headquartered in Milwaukee, SSI is a leading designer and manufacturer of complex steel infrastructure in distribution, warehousing, and manufacturing facilities nationwide. SSI’s solutions are used in the automation systems of many of the nation’s largest e-commerce and parcel delivery networks and facilities. With its own dedicated engineering and technical services teams, SSI is deeply involved in the design and customization of each solution to meet unique facility requirements, acting as a value-add partner to its customers and end users.
Merit invested both subordinated debt and equity to support its 2016 recapitalization of SSI. Mike Thelen, founder of the Company, and Kevin O’Neill, SSI’s Chief Executive Officer, commented, “Merit was the perfect partner for Steele Solutions for the past four years. They invested in the business and helped us grow through facility expansion and improving our team. Merit understood that our culture was paramount to our success and they were careful not to try and change our business, but rather help us expand on our winning formula. Even as Merit exited our business, their major concern was keeping SSI’s culture of success in finding a new partner, which led to a successful transition for all. They were great to work with and were instrumental in our growth.”
Please contact Tom Campion or Joe Polaneczky for additional information on SSI.