Wichita, KS – Metal-Fab, Inc (“Metal-Fab” or the “Company”) has been acquired by Olympic Steel Inc (Nasdaq: ZEUS). Hennepin Partners acted as Metal Fab’s exclusive financial advisor and Katz Teller served as legal counsel.

Headquartered in Wichita, KS, Metal-Fab is a leading manufacturer of venting and filtration solutions for HVAC, hearth, kitchen and various other applications across residential, commercial and industrial end-markets. Metal-Fab’s vertically integrated manufacturing platform, deep engineering expertise and robust customer service model create a true “one-stop-shop” for venting components for a wide range of applications. The Company’s products include residential and commercial HVAC vents, hearth vents, grilles, registers, diffusers, industrial chimneys, kitchen vents and proprietary industrial air filtration units. Metal-Fab’s national scale and presence are the result of a network of Company sales professionals, 3rd party residential sales reps, commercial bid and spec reps, OEMs and engineered systems distributors serving residential contractors, distributors, commercial contractors, OEMs and industrial end-users.

“Hennepin Partners was the perfect advisor for Metal-Fab. They committed to delivering a successful outcome from the start and did just that. They executed a thorough and well-run process that identified an ideal partner in Olympic to be the next owner of Metal-Fab,” stated David Shannon, President, Shannon Group (the family office of Metal-Fab’s long-time family ownership). “The Hennepin Partners’ transaction team was steadfast in their advice and education to our family shareholders throughout the process and the Hennepin team truly delivered on senior banker attention at every facet of the process. Importantly, they prioritized understanding our Company’s culture and the people and integrated themselves into the team – they were a true partner. The Shannon family is thrilled with the process and outcome and we wish the Metal-Fab and Olympic teams continued success.”

Mark Ohm, President and Chief Executive Officer of Metal-Fab, said, “We are excited to join the Olympic Steel family and will benefit greatly from their expertise and positioning in the steel service center markets. We believe there are great synergies for Metal-Fab with Olympic’s multiple locations across the U.S. and our shipment of product to all the 48 contiguous states. Also, Metal-Fab’s growth ambitions can be fully supported through Olympic’s access to capital and their manufacturing process capabilities. Metal-Fab will continue to deliver industry-leading service levels by shipping quality products to our customers on time.”

Richard T. Marabito, Chief Executive Officer of Olympic Steel, said, “We are thrilled to welcome the Metal-Fab team to Olympic Steel, as we continue to deliver on our strategy to diversify and grow in higher-return products and services that are expected to reduce earnings volatility and increase sales and profit returns. Metal-Fab’s consistent earnings model has proven recession-resistant and is a perfect strategic fit for Olympic Steel. Metal-Fab’s manufacturing expertise and catalog of products are an excellent complement to our growing portfolio of metal-intensive end-use products. We are excited to broaden our product offerings, manufacturing capabilities and geographic reach.”

“Metal-Fab is a well-run organization with more than 60 years of experience, an established reputation for quality and a history of consistent double-digit annual EBITDA margins that will provide a solid platform for accelerating growth in two target market segments – carbon coated and stainless steel,” said Andrew Greiff, President and Chief Operating Officer of Olympic Steel. “Metal-Fab’s values and operating principles are well-aligned to our culture and practices, and we expect to capitalize on a number of operational and commercial synergies that will benefit both the Metal-Fab product lines and Olympic Steel.”