Harris Williams & Co. Advises United Pipe & Steel Corp. in its Sale to Morgenthaler Private Equity

June 18, 2013

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of United Pipe & Steel Corp. (United Pipe & Steel), a leading independent master distributor of pipe products, to Morgenthaler Private Equity (MPE).  Harris Williams & Co. acted as the exclusive advisor to United Pipe & Steel.  The transaction closed on June 12, 2013 and was led by Bob Baltimore from the firm’s Business Services Group, along with Bill Roman, Jay Hernandez and Matt Volinsky from the firm’s Boston office.

“United Pipe & Steel is truly a unique company whose master distributor business model allows it to play an increasingly important role for both OEMs and the fragmented wholesale distributor customer base,” said Bob Baltimore, a managing director at Harris Williams & Co. “The owners and management team of United Pipe & Steel have done a tremendous job building the company to be the market leader.  In selecting MPE as their partner, David Cohen and Greg Leidner have chosen to work with a tremendous firm that will help facilitate their next phase of growth.” 

Headquartered in Ipswich, MA, United Pipe & Steel is a leading independent master distributor of steel pipe, copper tubing, plastic pipe, electrical conduit and related products. Founded in 1980, United Pipe & Steel created the market for route-based delivery of less-than-truckload (LTL) pipe products in New England, positioning itself as the critical link between product manufacturers and its highly fragmented base of wholesale distributor customers. The company currently serves wholesale distributor customers within the plumbing and heating; pipe, valve and fittings (PVF); heating, ventilation and air conditioning (HVAC); waterworks and electrical supply markets. Strategically located across nine distribution centers in the Northeast, Midwest and Southern regions of the United States, United Pipe & Steel has established a presence in attractive, diverse geographic markets across 40 states.

MPE is the private equity group of Morgenthaler.  With offices in Cleveland, OH, and Boston, MA, MPE focuses on the lower-middle market with transaction values between $25 million - $150 million and EBITDA in excess of $5 million.  MPE has two primary target investment areas: high-value manufacturing and proprietary business services.  Morgenthaler is a leading national private equity and venture capital firm, with approximately $3 billion under management and investments in more than 300 companies over its 44 year history.  For more information on Morgenthaler’s private equity group, visit www.morgenthaler.com/private-equity.