Stellex, New York private equity firm, opens office in Downtown Pittsburgh
August 2, 2022
A New York-based private equity firm is expanding into Pittsburgh.
Stellex Capital Management opened an 1,800-square-foot office Monday in U.S. Steel Tower on Grant Street in Downtown.
It marks the second regional office in the country opened by Stellex, described as a middle market private equity firm. The other is in Detroit, where it debuted in 2020.
In Monday’s announcement, Stellex stated the opening of the Pittsburgh office reinforces its commitment to “catalyzing growth by serving as a reliable partner.”
The firm has partnered in the past with local public and private stakeholders and groups to invest in businesses that can benefit from the support of additional capital and Stellex team expertise in trying to enhance value.
Sectors of focus for the company include specialty manufacturing, industrial and business services, aerospace and defense, automotive, government services, transportation, logistics and food.
In a statement, Michael Livanos, Stellex managing director, said the firm has been working to create long-term relationships with local business leaders “because we see tremendous potential” in Pittsburgh.
The region combines a rich legacy of traditional manufacturing and service businesses with a growing number of robotics and automation startups. Pittsburgh is unique in that there is a thriving middle market primarily composed of family businesses alongside a number of large corporations,” he said.
Establishing an office “is a further commitment to building our presence in the region,” he added.
Toby Kreidler, who has spent 20 years in Pittsburgh including time with the United Steelworkers Union, will head the new office.
Mark Anthony Thomas, president of the Pittsburgh Regional Alliance, welcomed Stellex.
“The firm’s choice to locate in Downtown Pittsburgh is an important endorsement of the future of the Golden Triangle as a vibrant neighborhood and a hub for international business and investment firms,” he said.
“We look forward to future commitments to financing industrial projects and I believe Stellex’s selection of Pittsburgh is a step toward advancing our efforts to ensure southwestern Pennsylvania continues to serve as a hub for manufacturing innovation and development.”
Mr. Kreidler will be the lone employee in the office at its start as Stellex works to grow its team over time, according to a spokeswoman. It could potentially add more office space as well.
The firm also has an office in London. Stellex has more than $2.6 billion in assets under management.
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