Benchmark International has successfully facilitated the transaction between Fredericksburg, VA-based Fredericksburg Machine & Steel, LLC, doing business as Viking Steel Fabricators, and Norfolk, VA-based SRF, LLC, known as Chesapeake Bay Steel, Inc.
Founded in 1950, Viking Steel Fabricators has established a solid reputation for its expertise in the fabrication and installation of structural and miscellaneous steel, ornamental iron, and custom stairs and handrails. The company also offers a wide range of steel and miscellaneous metal products, catering to diverse client needs. Notably, Viking Steel Fabricators is dedicated to historic preservation, providing expert restoration and repair services to maintain and enhance historical structures. Their comprehensive service offerings make them a trusted partner for both modern and historical steel projects.
“Viking Steel President Christopher ‘Luke’ Breivik and his team have built a great business with strong customer relationships in the private, public, and government sectors,” commented Benchmark Transaction Director Sean Fechtmann. “The quality of their work speaks for itself, with approximately 80% of customers being repeat customers and more than 70 years in operation.”
Chesapeake Bay Steel, which specializes in steel fabrication and erection, has been serving the Tidewater area since 1962. The company's reputation has grown through decades of experience in the steel industry, alongside being a family-owned and operated business. They specialize in framing, joist, decking, stairs, railings, and metal fabrication projects. The acquisition of Viking Steel Fabricators is expected to enhance Chesapeake Bay Steel's strategic growth plans by broadening their existing service offerings. Viking Steel’s leadership team will remain intact to assist in the company’s future growth.
This acquisition is significant as it combines the strengths and expertise of two established companies in the steel fabrication industry. For Chesapeake Bay Steel, the addition of Viking Steel Fabricators not only broadens their service offerings but also solidifies their market position. For Viking Steel Fabricators, joining forces with Chesapeake Bay Steel provides new opportunities for growth and expansion while maintaining their commitment to quality and customer satisfaction.
The transaction highlights the ongoing trend of consolidation in the steel industry, where companies are seeking to leverage each other's strengths to remain competitive. This move is likely to benefit customers by providing a more comprehensive range of services and products, ensuring that both modern and historical steel projects are executed with precision and expertise.
As the steel industry continues to evolve, such strategic acquisitions are crucial for companies looking to expand their capabilities and market reach. The successful facilitation of this transaction by Benchmark International underscores the importance of expert guidance in navigating complex mergers and acquisitions, ensuring that business objectives are met and growth is sustained.
