Willenhall-based steel firm Niagara Lasalle (UK) has been taken over by investor Endless in a £27 million deal.

The investor, which specalises in turnarounds, purchased the 300-strong West Midland firm from its US parent company Niagara Corporation.

Niagara Lasalle, which provides hot rolled and bright steel bars in engineering steel grades, had a turnover of more than £60 million last year.

Niagara Lasalle (UK) chief executive Tarlok Singh said: "This deal represents an ideal opportunity to continue the development of a great business of which I have been in charge for many years.

"I am delighted to secure the long-term future of the company and intend to grow the business both in the UK and via increased exports."

Endless director Nick Leitch added: "Niagara Lasalle has a long-established history within the UK steel sector, providing high quality specialist products.

"Whilst manufacturing in the UK has been tough in recent years, it is testament to the skill and determination of the management team and workforce who have successfully steered the company through this period, maintaining a sizeable market share.

"Endless very much look forward to providing ongoing support to this already successful business."

Adrian Jones, Partner at Gambit Corporate Finance who advised on the acquisition, said the deal showed the strength of the region’s industrial sector.

"This deal demonstrates that manufacturing continues to be at the core of the UK’s economic recovery, and here in the Midlands we continue to lead the way in the UK’s manufacturing capability. "This significant acquisition demonstrates that a more positive sentiment to doing deals definitely exists and we certainly hope that this will continue."

The deal team from Endless comprised Nick Leitch, Indra Valeinis, James Woolley and Kerry Swain. Corporate finance advisers to the acquisition were Gambit Corporate Finance led by Adrian Jones and Andy Charter, with legal advice provided by a Cobbetts team consisting of Adrian Cutler, Darren Walker, Ian Ilersic, Brian Ghatan and Nina Martyres.

Eversheds advised Endless on its investment with a team consisting of James Trevis, Nick Turner, Richard Davies and Harish Sharma.

HCF International Advisers Limited (formerly Hatch Corporate Finance) acted as the exclusive financial advisers to Niagara Corporation and Kohlberg & Co for the sale of Niagara UK.