Speedwagon Capital Partners Acquires Former Steel Mill From Cleveland-Cliffs

Speedwagon Capital Partners (SCP), a Chicago-based private investment firm, announced today that it has acquired a former steel mill from Cleveland-Cliffs, one of the largest steel manufacturers in North America.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Wednesday, November 10, 2021
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Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, REIT, Bitcoin, SCP, Cleveland-Cliffs, Spell Capital Partners, Investment, Miner, Michigan, Cryptocurrency
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INDIANA, Illinois, United States, NORTH AMERICA, WISCONSIN, CHICAGO
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SPEEDWAGON CAPITAL PARTNERS
Summary
Key Points: 
  • Speedwagon Capital Partners (SCP), a Chicago-based private investment firm, announced today that it has acquired a former steel mill from Cleveland-Cliffs, one of the largest steel manufacturers in North America.
  • Additionally, in September 2020, the firm purchased an interest in an industrial real estate portfolio.
  • In June 2021, SCP participated in a $25 million capital raise for Blockware Mining, a diversified Bitcoin mining infrastructure and colocation service provider that caters to crypto miners.
  • Speedwagon Capital Partners is a private investment firm focused on identifying and investing internal and external capital in unique, inefficient, and dislocated opportunities where value can be created by leveraging our experience and financial resources.


Speedwagon Capital Partners (“SCP”), a Chicago-based private investment firm, announced today that it has acquired a former steel mill from Cleveland-Cliffs, one of the largest steel manufacturers in North America. Financial terms of the transaction were not disclosed.

Located in northwest Indiana and twenty-five minutes from downtown Chicago, the site is well-suited for industrial redevelopment given its on-site rail access, barge access to Lake Michigan, direct adjacency to multiple interstates, and immediate access to over 300 MW of available power. SCP Senior Managing Director, Steve Khoshabe, commented, “We are very excited about the favorable logistical and supply chain attributes that this premier industrial location offers.”

Additionally, in September 2020, the firm purchased an interest in an industrial real estate portfolio. The portfolio was valued at $130 million and consists of 2.2 million square feet across 41 buildings located in the greater Chicagoland area and southern Wisconsin.

Over the past year, in addition to the aforementioned acquisitions, SCP has further expanded its portfolio by more than a dozen investments in operating companies at various stages. Most recently, in August 2021, SCP participated in a $38 million Series B financing for Nifty Games, Inc., a videogame developer and publisher focused on quick-session, head-to-head sports games for mobile. In June 2021, SCP participated in a $25 million capital raise for Blockware Mining, a diversified Bitcoin mining infrastructure and colocation service provider that caters to crypto miners. Steve Khoshabe added, “We are pleased with the performance of our portfolio and continue to target and evaluate attractive opportunities across a variety of asset classes and industries.”

SCP was represented by Matthew Lewandowski of Darwin Realty.

About Speedwagon Capital Partners

Speedwagon Capital Partners is a private investment firm focused on identifying and investing internal and external capital in unique, inefficient, and dislocated opportunities where value can be created by leveraging our experience and financial resources. For more information, visit www.speedwagoncapital.com.

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