Pennsylvania company buys local metals manufacturer

A Tulsa metal manufacturing company was bought by a Reading, Pennsylvania company.

Summit Steel Fabricating Group, a manufacturer of metal products, has acquired Laser Specialties Inc., which employs more than 55 people at its 6611 Oklahoma 66 location.

ClearRidge Capital of Tulsa advised the owners of LSI. The terms of the transaction were not disclosed.

Summit is backed by Lorraine Capital LLC, a Buffalo, New York-based private equity firm, in partnership with Ironwood Capital, an Avon, Connecticut-based subordinated debt provider.

“We are excited to join the Summit team and I see a bright future for our customers and employees with Summit and Lorraine as strategic partners,” said Jim Clark, CEO of LSI and Summit shareholder, in a statement. “LSI has a loyal, diverse and growing customer base and looks forward to offering them a broader range of services.

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“Summit was the ideal partner for us as with their support we will accelerate investment in new equipment and factory automation and add new team members. Additionally, it will provide expanded opportunities for our existing LSI team members throughout their careers on the larger Summit platform.”

Founded in 1993, LSI operates on a 131,000 square foot campus.

“We have a strategic vision at Summit to not only increase our capabilities, but also our ability to serve our growing base of regional and national customers,” said Gary Romig, Summit CEO, in a statement. “The addition of LSI to our growing organization positions us very well to support the increasing demand for our services given the team, capabilities and geographic diversity they offer. Jim’s continued leadership, expertise and integrity, who has now joined us as a new partner in our association, along with his team makes us an even stronger and more scalable company.”

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