The firm sold the company’s US Metals and Supply division to Custom Steel Processing, while New Star and subsidiaries Premier Resources Group and Electric Coatings Technologies went to Insight Equity Holdings.
the firm will keep its investment in the Miami Valley Steel Service.
The partial exit returned more than $100m to Aurora’s Resurgence Fund, according to a report by Dow Jones, which said the profit from the investment was based on a “very conservative” valuation for Miami Valley Steel.
That distressed debt fund collected $635m after being launched in 2008.
Aurora chairman Gerald Parsky said, “This is an excellent result for our investors, and we would like to thank Pat Murley and the company’s outstanding management team for their contributions to New Star.
“We wish the company success and look forward to continuing our partnership with Miami Valley, an exceptional value-added processor and distributor of sheet steel products.”
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