Walters Group, a family-owned construction company based in Hamilton, has completed a significant minority acquisition of ownership of Dave Steel Company, Inc. on Nov. 15.
Since 1929, Dave Steel Company has served the U.S. construction industry as a supplier of fabricated structural steel for industrial, institutional and commercial projects. The AISC certified fabricator runs four facilities, including two structural fabrication plants in Asheville, NC and Chesnee, SC, a coatings plant in Chesnee, and an engineering office in Cincinnati, OH. Similar to Walters Group, it is a family-owned and managed business.
“As a family business, we’re always thinking about how we can evolve and create a sustainable business for future generations. We see this partnership as a very positive development for our business; one that will re-energize our growth plans and provide us with the right management for the future,” said Jeff Dave, president and CEO of Dave Steel Company. He will retain leadership of the company, which will continue to operate as a separate entity.
For Walters Group, the partnership will give the Canadian company a physical presence in the U.S. providing opportunities to service a broader market with extended capacity through joint projects and shared technologies. It will also increase buying power for raw materials, making the partnership more competitive.
“There was a natural fit in the DNA of our businesses. From our first discussions, we saw how our approach to doing business aligned. Through more discussions, we continued to see synergies. We saw how this partnership could help both of our companies better serve our clients and grow our businesses across North America,” said Walt Koppelaar, vice-president of sales and markets at Walters Group.