Drinker Biddle Advises Milestone Partners on $360 Million Sale of Precision Partners Holding Company to AK Steel
Drinker Biddle advised private equity firm Milestone Partners on the sale of Precision Partners Holding Company to AK Steel (NYSE: AKS) for $360 million, before customary adjustments. Acquired by Milestone in 2013, Precision Partners is a leading North American automotive market company that provides engineering, tooling, die design and hot and cold stamped steel parts. Milestone Partners, headquartered in suburban Philadelphia, is a private equity firm that partners with management to invest in leveraged buyouts and recapitalizations of lower middle market businesses.
A multifaceted Drinker Biddle team brought this deal to fruition. M&A assistance came from Rebecca Kraut, Laura Fix, Amanda Garger, Elisabeth Fiordalisi and Dave Denious; Judy Reich handled financing matters; Steve Hamilton, Brian DeVirgilio and Matt Meltzer provided tax advice; Robin Sampson provided antitrust advice; Cristin Obsitnik and Yael Kalman advised on employee benefits matters; Dottie Bolinsky and Jen Fried advised on real estate; and Chris Boyle counseled on environmental issues. AK Steel was represented by Weil, Gotshal and Manges LLP in the sale transaction.
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