Houlihan Lokey is pleased to announce the sale of Precision Partners Holding Company (PPHC) to AK Steel Corporation (AK Steel). The transaction closed on August 4, 2017, for $360 million.
Headquartered in Ontario, Canada, PPHC is a North American market leader in engineering, tooling, and the hot and cold stamping of lightweight parts for the light vehicle market. The company's superior manufacturing technologies deliver innovative solutions for lightweighting applications. PPHC is distinguished within the industry by its engineering and tooling expertise and is known as the go-to problem solver, embracing the most challenging and complex components.
AK Steel, based in West Chester Township, Ohio, is an integrated producer of flat-rolled carbon, stainless and electrical steels, and carbon and stainless tubular products. They primarily serve customers in North America within the automotive, infrastructure and manufacturing, electrical power generation, and distribution markets. AK Steel acquired PPHC to expand its portfolio of high-value products and processes. Approximately 70% of AK Steel's products are sold into the automotive market. AK Steel is a publicly listed company (NYSE:AKS) with a market capitalization of approximately $2 billion.