Drinker Biddle advised private equity firm Milestone Partners on the sale of Precision Partners Holding Company to AK Steel (NYSE: AKS) for $360 million, before customary adjustments. Acquired by Milestone in 2013, Precision Partners is a leading North American automotive market company that provides engineering, tooling, die design and hot and cold stamped steel parts. Milestone Partners, headquartered in suburban Philadelphia, is a private equity firm that partners with management to invest in leveraged buyouts and recapitalizations of lower middle market businesses.
A multifaceted Drinker Biddle team brought this deal to fruition. M&A assistance came from Rebecca Kraut, Laura Fix, Amanda Garger, Elisabeth Fiordalisi and Dave Denious; Judy Reich handled financing matters; Steve Hamilton, Brian DeVirgilio and Matt Meltzer provided tax advice; Robin Sampson provided antitrust advice; Cristin Obsitnik and Yael Kalman advised on employee benefits matters; Dottie Bolinsky and Jen Fried advised on real estate; and Chris Boyle counseled on environmental issues. AK Steel was represented by Weil, Gotshal and Manges LLP in the sale transaction.