Revelar Capital-Backed Steele Solutions Acquires Maysteel Industries

Transaction Significantly Expands Steele Solutions' Capabilities into Data Center Infrastructure

Establishes Leading North American Provider of Highly Engineered Products and Solutions Serving the Material Handling, Data Center, and Electrical Design End Markets

NEW YORK, April 20, 2026 /PRNewswire/ -- Revelar Capital ("Revelar" or "the Firm"), a leading private equity firm which invests exclusively across specialty manufacturing, healthcare services, and essential services sectors, today announced that its portfolio company, Steele Solutions, a leader in engineered solutions for the material handling industry—including automation controls, electrical design, steel platforms, and chutes—has acquired Maysteel Industries ("Maysteel"). Financial terms of the transaction were not disclosed.

Founded in 1936, Maysteel has grown into a leading provider of custom enclosures, hot aisle containment, and precision fabricated solutions, serving a diverse range of end markets including data centers, power solutions, and electrical infrastructure. The company specializes in highly engineered, precision metal products with significant design and manufacturing complexity, requiring deep application expertise and direct iteration to meet customer-specific requirements. Maysteel has driven increased wallet share across its customer base by consistently delivering high-quality products that carry a high cost of failure under demanding timelines and environments.

Since partnering with Steele Solutions in 2020, Revelar has worked closely with the management team to transform the business into a scaled, diversified platform. Under Revelar's ownership, Steele Solutions has expanded into adjacent product categories through both acquisition and greenfield initiatives, diversified its customer base, increased manufacturing capacity, and materially broadened the platform's total addressable market. The acquisition of Maysteel marks a milestone in Steele Solutions' growth, expanding its capabilities and positioning it to capitalize on strong secular tailwinds, including accelerating U.S. data center investment and increasing electrification.

"We have partnered closely with the Steele Solutions team to transform the business, expanding its capabilities and the end markets it serves," said John Morningstar, Managing Partner at Revelar. "During this time, the company has enhanced its commercial and manufacturing operations and successfully executed a thoughtful strategic plan to create a stronger and more resilient business with many avenues for growth. The addition of Maysteel is a major step in this evolution, strengthening Steele Solutions' capabilities across core growth sectors and enhancing its ability to create sustained organic and inorganic growth."

"The acquisition of Maysteel marks the latest exciting chapter within our growth-oriented partnership with Revelar, who has pushed us to accelerate our investment in the business, supporting our strong track record of organic and M&A driven growth," said Kevin O'Neill, CEO of Steele Solutions. "Our top priority is ensuring we further our platform's value proposition by continuing to deliver on being a leading solutions provider to our broadened customer base. Maysteel has built an exceptional reputation for quality and reliability, and we're excited to welcome their talented team into the Steele Solutions family. We look forward to working alongside them and our long-term partners at Revelar to build on this momentum and drive continued growth."

"Maysteel has delivered strong historical growth, driven by its differentiated engineering capabilities and trusted position with customers," said William Paolella, Principal at Revelar Capital. "Its presence in fast-growing data center and electrification end markets is highly complementary to Steele Solutions and expands the platform's exposure to compelling secular tailwinds. With Steele Solutions' broader capabilities, resources, and strategic focus on investment-led growth, we see an attractive opportunity to scale the Maysteel business even more rapidly going forward."

About Revelar Capital
Revelar is a leading private equity firm headquartered in New York which invests exclusively across healthcare services, essential services, and specialty manufacturing sectors. Since its founding in 1995, Revelar has raised more than $6 billion in capital commitments across more than 10 funds. The firm's portfolio companies today generate $4 billion in revenue and employ 60,000 individuals. The Firm leverages its sector specialization in complex, fragmented industries to identify and execute on overlooked investment opportunities, partnering with management teams to unlock growth through strategic initiatives, operating improvements, and add‐on acquisitions. The firm functions as a strategic partner, providing management teams with top‐line support, M&A experience, financial expertise and access to resources. For additional information, please visit revelarcapital.com.

About Steele Solutions, Inc.
Steele Solutions, Inc. is a North American leader in engineered solutions for the material handling industry—including automation controls, electrical design, steel platforms, and chutes. The company partners with industry-leading integrators who lead warehouse automation projects for large e-commerce retailers and parcel providers. Steele Solutions is headquartered in South Milwaukee, WI, and operates manufacturing facilities in South Milwaukee, WI; Waupaca, WI; and Tiffin, OH. In addition, the company has full support personnel in West Allis, WI; Tiffin, OH; and Atlanta, GA.

About Maysteel
Maysteel is a Wisconsin-based manufacturer of engineered metal solutions serving the data center and electrical markets. The company specializes in engineered and manufactured products built for demanding environments and timelines, supported by a commitment to quality, reliability, and customer partnership.

Robert W. Baird & Co. served as financial advisor to Revelar. Lincoln International served as financial advisor to the Seller.

Media Contacts

Revelar
Chelsea Pratt
Director, Investor Relations
[email protected]

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SOURCE Revelar Capital