Russia's OJSC Novolipetsk Steel has been looking for a deal in the U.S., especially since it lost out in the auction for ArcelorMittal's Sparrows Point steel mill in Baltimore to its Russian rival OAO Severstal for $810 million five months ago. Novolipetsk pulled off a deal on Wednesday, agreeing to pay $3.53 billion for John Maneely Co., a steel pipe and tube maker owned by Carlyle Group.
Carlyle is selling the business for more than 6 times the price it paid in 2006, before it expanded the company through two acquisitions.
Beachwood, Ohio-based John Maneely had sales in the year ended June of $2.4 billion and Ebitda of $485 million. Its products include plumbing and electrical applications for industrial and commercial construction, and Carlyle expects revenue to rise to $3 billion in the current year. - Laura Board
TheDeal.com: Carlyle sells John Maneely (subscription required)
