Stelco CEO starts US$400 million fund to target industrial assets
BNN Bloomberg
The deal-driven chief executive of Canadian steelmaker Stelco Holdings Inc. has earmarked US$400 million of his own money for a fund to invest in coal and other industrial assets.
Alan Kestenbaum, who years ago helped buy distressed Stelco and was once in the running to buy the Carolina Panthers National Football League team, is relaunching a fund to invest in industrials, mining and commodities. The dealmaker, whose family history stretches back for decades in the commodities industry, said targets include operations that have fallen out of favour during the energy transition, such as coal.
“This is a skill and expertise we have in reaching out to the market, identifying assets, and operating them,” Kestenbaum said in an interview.
The steel executive has revived the Bedrock Industries name for his latest move, using the identity for the Miami-based holding company that’ll do the deals. The name was part of a venture with private equity firm Lindsay Goldberg LLC from 2015 until 2021, when Kestenbaum bought out his partner.
