Service Centers

Letz Brothers Purchase Assets of First Process Steel, Inc.

December 30, 2013

Steel Market Update (SMU) spoke with Ryan Letz, CEO/President of Willbanks Metals a hot rolled and plate distribution and value-add services company located in Fort Worth, Texas. The Letz brothers had just announced the purchase of the assets and the book of business of First Process Steel, Inc. out of Tulsa, Oklahoma with the following press release:

The Letz Brothers, owners of Willbanks Metals Inc. in Fort Worth, TX., have purchased the assets of First Process Steel, Inc. (FPS) in Tulsa, OK.

Founded in 1994, FPS is a steel fabrication processor specialized in plasma cutting and forming.

This acquisition allows the Letz Brothers to add another value added processor to their family of companies. FPS will become a sister company of Willbanks Metals and will maintain business as usual in the Tulsa area.

“We couldn’t be more excited to welcome First Process Steel—their employees, customers, and all their partnerships—to the Willbanks Metals family.” said Ryan Letz (CEO of Willbanks). “Willbanks started its business delivering value added services (forming, rolling, and plasma cutting) and this has always been our core focus. This acquisition will greatly enhance our family of steel companies and our service offerings as well as open up a new geographic presence.”

The deal closed on Friday, December 27, 2013.

During our phone conversation Letz explained that the business arrangement strengthens the value-added services segment of their company as First Process Steel (FPS) does not distribute steel. The core strength of FPS is in the heavy transmission tower business as the company has two 60 foot press breaks which can form the specialty plate into the tower bases.

The purchase of the assets of First Process Steel adds an approximately 80,000 square foot building and adds 50 new employees to the company. It will also expand Willbanks’ plate and hot rolled distribution footprint.

Mr. Letz told SMU they were looking at further business deals or acquisitions to be closed during 2014 on value-added service companies and others areas which will compliment their existing businesses.