# Arlington Capital Partners forms Keel, acquires Merrill Technologies and Metal Trades

Arlington Capital Partners formed Keel Holdings through the merger of Pegasus Steel with newly acquired Merrill Technologies Group and Metal Trades, creating a defense manufacturing company with nine facilities in Michigan and South Carolina.

- Type: Acquisition
- Announced: 2024-01-25
- Where: Michigan and South Carolina, United States
- Jobs: 700
- Status: completed
- Products: complex structures for defense programs
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md), [Automotive Components](https://endata.com/sectors/automotive-components.md), [Aerospace Components](https://endata.com/sectors/aerospace-components.md)

## Companies

- [Keel Holdings](https://endata.com/companies/75267.md)
- [Arlington Capital Partners](https://endata.com/companies/20929.md) (acquirer)
- [Arlington Capital Partners](https://endata.com/companies/20929.md) (investor)
- [Merrill Technologies Group](https://endata.com/companies/38115.md) (target)
- [Pegasus Steel LLC](https://endata.com/companies/70827.md) (target)
- [Keel Holdings](https://endata.com/companies/75267.md) (acquirer)
- [Metal Trades](https://endata.com/companies/75268.md) (target)
- [Merril Technologies Group](https://endata.com/companies/75771.md) (target)

## Sources

- [arlingtoncap.com](https://arlingtoncap.com/news/arlington-capital-partners-announces-the-formation-of-keel-a-new-leader-in-defense-manufacturing-and-its-acquisitions-of-merrill-technologies-group-and-metal-trades-llc/), 2024-01-25: "Arlington Capital Partners today announced the formation of Keel Holdings, LLC, a leading manufacturer of complex structures for the highest priority programs within the Navy, Army, and Air Force."
- [live5news.com](https://www.live5news.com/2024/02/21/state-military-manufacturing-companies-merge-together/), 2024-02-21: "Our Merger of Pegasus Steel, Metal Trades and Merrill Technologies Group will not only enable Keel to increase our speed of delivery and production for the country’s highest priority defense programs but will also provide significant economic growth and substantial career opportunities for South Car"
- [businesswire.com](https://www.businesswire.com/news/home/20240229229499/en/DLA-Piper-Advises-Arlington-Capital-Partners-in-the-Formation-of-Defense-Manufacturing-Company-Keel), 2024-02-29: "Keel will offer its customers a vertically integrated suite of design, engineering, fabrication, machining, integration, assembly, finishing, and surface treatment capabilities."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.