Callista Private Equity carves out ArcelorMittal Ringmill

Co-CEOs Frédéric Binamé and Frédéric Grobet will remain in their management positions.

According to a statement, ArcelorMittal did not consider the company to be a core business, meaning it was not able to realise its full potential within the group.

ArcelorMittal Ringmill will now be known as Halo Steelrings and will undergo a rebranding process while maintaining its existing customer base. The GP also plans to invest in the company's automation, machining and forging capacities, according to a statement.

Callista focuses on companies with negative EBIT margins and revenues of €10-200m, specialising in carve-outs and special situations. The GP raises capital on a deal-by-deal basis, according to publicly available documents.

Company
ArcelorMittal Ringmill, now known as Halo Steelrings, produces steel rings and tyres for a client base that includes gearbox, bearings and slewing producers, largely in the wind turbine market.

Based in Seraing, Belgium, the company produced 2019 revenues of €28m and has been breaking even for the past few years, according to a statement. The business currently has 88 employees. It was established in 1984 and became part of the Arcelor group in 2002 following the merger of its parent company Usinor with Arbed and Aceralia.

People
ArcelorMittal Ringmill – Frédéric Binamé, Frédéric Grobet (co-CEOs).
Callista Private Equity – Olaf Meier (CEO).

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• Buyouts
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• Belgium