Las Vegas company buys steel business for more than $30M
A Las Vegas holding company has bought a Pennsylvania steel business for more than $30 million.
Live Ventures recently announced that it acquired Precision Marshall for around $31.5 million in cash. Founded in 1948, Precision Marshall makes tool steels and specialty alloys that are used for appliances, the aerospace industry and other sectors.
Live Ventures President and CEO Jon Isaac said in a news release that the buyout fits his “strategy of acquiring profitable companies that have demonstrated a strong history of earnings power.”
The deal is expected to boost Live Ventures’ consolidated revenue by about $50 million a year.
Based in an office suite on Warm Springs Road near McCarran International Airport, Live Ventures is a publicly traded company that owns carpet maker Marquis Industries, movie and video-game retailer Vintage Stock and household appliance dealer ApplianceSmart.
Isaac has kept the company under the radar. According to a 2017 profile by the Las Vegas Review-Journal, Live Ventures’ name was not on its front door, and Isaac declined to provide a photo of himself or have one taken for the story.
At the time, he said he preferred to avoid in-person confrontations should he ever anger shareholders.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.