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MADISON, ILLINOIS, April 13, 2007 – Custom Steel Processing, Inc., a steel processing center that specializes in slitting flat rolled steel, announced today the successful closing of a recapitalization led by Eagle Fund I, L.P., a licensed Small Business Investment Company managed by Bush O'Donnell Capital Partners of St. Louis, Missouri. Financial terms of the transaction were not disclosed.
Eagle Fund was joined in the financing by C3 Capital Partners, a Small Business Investment Company in Kansas City, Missouri and Southwest Bank of St. Louis.
"We are excited about our new partnership with C3 Capital and Bush O'Donnell. With these new partners, and our bank lender, Southwest Bank, Custom Steel is financially positioned to continue the significant growth of its business," said Pat Notestine, President and CEO of Custom Steel.
"Custom Steel is a leader in steel processing and represents the optimal investment mix for us," said Scott D. Fesler, Principal at Bush O'Donnell Capital Partners. "The Custom Steel management team has significant expertise and is a market leader."
About Bush-O'Donnell
Bush O'Donnell is a holding company headquartered in St. Louis with interests in investment management, insurance, manufacturing and private equity investments. Since 1988 its principals have been investing in a wide range of publicly and privately owned businesses. One of Bush O'Donnell’s wholly owned subsidiaries, Bush O'Donnell Capital Partners, manages Eagle Fund I, L.P., a Small Business Investment Company with committed capital of $75 million. Eagle Fund invests from $1 million to $4 million in the mezzanine debt and equity securities of companies with compelling business plans.
About C3 Capital Partners
C3 Capital Partners, L.P. is a Small Business Investment Company with committed capital of over $100 million and offices in Kansas City and Dallas that provides capital for businesses to finance later stage growth, strategic acquisitions, ownership transitions, and recapitalizations. The fund makes $2 million to $10 million investments in the form of subordinated debt or preferred equity in established businesses with a history of profitability.
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