Sell-Side Advisor

Kroll Advised Breal Capital Ltd. on the Sale of Its Portfolio Company, Barclay & Mathieson Ltd., to Marubeni-Itochu Steel Inc.
Kroll Advised Breal Capital Ltd. on the Sale of Its Portfolio Company, Barclay & Mathieson Ltd., to Marubeni-Itochu Steel Inc.

In October 2022, Breal Capital Ltd (Breal), a privately owned family-office, completed the sale of Barclay & Mathieson Ltd., one of UK’s largest independent steel distribution and metal service providers, including the divisions B&M Steel, B&M Architectural, Steel Plate and Sections (SPS), Industrial Metal Services (IMS), Avon Steel and Abram Pulman Steel (B&M Group), to Marubeni Itochu Steel Inc. (MISI). Based in Tokyo, Japan, MISI is one of the world’s largest steel suppliers and employs over 10,000 people and has a presence in 90 countries.

Kroll served as the exclusive sell-side advisor to Breal Capital in connection with the transaction, providing M&A Advisory services.

Mike Walton, CEO of B&M Steel commented, “It was a pleasure to work with the Kroll M&A team on this milestone transaction within the UK Steel industry. Whilst their work ethic was second to none, it was their sector understanding, global reach and M&A skills that ensured the sale to Marubeni Itochu was completed successfully. Thank you to Dafydd, Gunjal, Will and the rest of the team.”

Dafydd Evans, Managing Director at Kroll, commented “We are honored to have advised on the sale of the Barclay & Mathieson (B&M Group to Marubeni Itochu Steel (“MISI”). This is a truly landmark transaction in the UK steel distribution sector. The success story of B&M Group is extraordinary, and MISI is the natural owner of the business, providing them with significant capital and scale in the growing UK market. This transaction highlights Kroll M&A’s cross-border advisory expertise and ability to leverage our network of international buyers.”

About Barclay & Mathieson Ltd.

Barclay & Mathieson Ltd. (B&M Group) founded in Glasgow in 1877 has become one of the largest steel stockholders in the UK. With 145 years of experience and with depots in Aberdeen, Glasgow, Cheadle, Preston, Liverpool, Morecambe, Sheffield, Nottingham, Peterborough, Bangor, Winchester, Kent & Essex enables B&M to provide customers with same day and next day steel. CMS and Gunnercooke served as legal counsel to B&M Group.

About Marubeni-Itochu Steel Inc.

Marubeni-Itochu Steel Inc. (MISI) was launched in 2001 through the merger of steel business divisions spun off by two general trading companies, ITOCHU Corporation and Marubeni Corporation. Over the years, MISI has steadily bolstered and expanded its stellar expertise in steel product distribution, and leveraged the global information network capacity essential for a general trading company to succeed. Within the critical field of steel distribution—an area demanding high specialization spanning diversified demand sectors—the MISI Group diligently pursues the enduring quest for added value as an integrated steel distribution producer. Jones Day served as legal counsel to Marubeni-Itochu Steel Inc.

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