Case Study:

Aerodyne Alloys, Inc. - Divestiture

Situation

• Aerodyne Alloys, Inc. (Aerodyne), a worldwide distributor of high temperature nickel, cobalt, and titanium alloys, was a wholly-owned subsidiary of Ulbrich Stainless Steel & Specialty Metals, Inc. (Ulbrich), a major stainless steel processor, distributor and service center operator.
• While complementary to Ulbrich’s core business, Aerodyne was never integrated into Ulbrich’s operations and largely operated autonomously.  Having conducted a strategic review of the Aerodyne business, Ulbrich sought to focus its resources and management attention on the growth of its core stainless steel strip and wire business.

Objective

• Matrix assisted Ulbrich in reviewing strategic alternatives for Aerodyne, including a sale, merger, joint venture and securing a new investment partner.

Solution

• Matrix identified and contacted potential strategic and financial buyers and investors.
• Confidential Information Memoranda were distributed to several interested parties and multiple Indications of Interest were received.
• After completing management presentations, the shareholders selected O’Neal Steel, Inc. to complete the sale of the business.