Esser Steel Algoma said on Friday it had agreed to sell its assets to a consortium formed by New York-based private equity firm KPS Capital Partners and its lenders.
The Canadian steel company, which had been purchased nearly a decade ago by Indian energy and resources conglomerate Essar Group, had put itself up for sale while operating under creditor protection.
The company manufactures steel products and sells them to the automotive, light manufacturing, construction, shipbuilding and energy industries. It ran into trouble following a drop in the price of steel.
KKR specializes in the manufacturing sector and looks to turn around struggling businesses and sell them for a profit.
Its investments include Heritage Home Group, a designer, manufacturer and retailer of home furnishings, and United Copper Industries, a maker of building wires and cables.
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