Patriot is pleased to announce a subordinated debt and equity investment in Metaltec Steel Abrasive Co. Patriot’s investment supported Corinthian Capital’s acquisition of Metaltec.
Metaltec is based in Canton, Michigan and produces cast steel abrasive products, including steel shot and steel grit, along with several niche materials that are produced as a byproduct of the grit and shot manufacturing process. Metaltec utilizes a unique casting process and is the sole North American manufacturer of its specific low-carbon shot offering. The Company’s shot is longer-lasting and more efficiently manufactured, while its grit product is the highest quality abrasive material on the market. Metaltec focuses on sales to small-to-medium sized accounts through a regional distributor network, and has an ability to service customers directly. The products are utilized for ship building, steel bar drawers, pipe manufacturing and surface preparation, automotive and non-automotive foundries, farm implement manufacturers, forging industry, aluminum die casters, testing and engineering facilities, structural steel fabricators, automotive rebuilders and a number of other general industrial and infrastructure applications.