Slater Steel Acquires Atlas Specialty Steels

On August 1, 2000, Slater Steel Inc. (SSI) completed its acquisition of the assets of the Atlas Specialty Steels and Atlas Stainless Steel divisions of Atlas Steels Inc. (Atlas) for $122 million. The transaction will result in Slater Steel’s annual revenue increasing by over 70 per cent to approximately $1 billion.

SSI was represented by their in-house counsel, Paul Davis, and a team from Lang Michener including Howard Drabinsky, as lead counsel, Wayne Carney and Nicole St-Louis (real estate), James Musgrove and Dan Edmondstone (competition and marketing), Neil Puddicombe, Cynthia Cross, Ted Crysler and Peter Dye (corporate/commercial) and Brent McPherson (litigation). Steven Chaimberg, Michael Gaon and Jonathan Dorval from Lapointe Rosenstein were SSI’s counsel in Quebec. Goodman Phillips & Vineberg acted for Atlas with a team that included Laurel Vanderjagt, Celia Rhea and Michael Partridge.

In a parallel transaction, also completed on August 1, 2000, SSI secured a new five-year $300 million credit facility from The Toronto-Dominion Bank, The Bank of Nova Scotia and Bank One Canada. The facility was used to fund the Atlas acquisition and refinance existing credit facilities, and will also be used to finance the continued growth of Slater’s divisions.

SSI was again represented by their in-house counsel, Paul, Davis, together with a team from Lang Michener, including Howard Drabinsky, as lead counsel, David Thring and François Potvin (banking), Nicole St-Louis and Wayne Carney (real estate) with assistance from Dan Rowntree, Natasha Lakoseljac and Adam Taylor. SSI was represented by Michael Gaon of Lapointe Rosenstein, as counsel in Quebec. David Nadler and Jeffrey Citron of Goodman Phillips & Vineberg acted for the lenders.