BOSTON — Morgenthaler Private Equity (MPE) has announced the recapitalization of United Pipe & Steel Corp. (UP&S), a leading independent master distributor of steel pipe, copper tubing, plastic pipe, electrical conduit, and related products serving customers in the plumbing; HVAC; pipe, valve, and fittings (PVF); waterworks; and electrical markets. UP&S founder and owner, David Cohen, will retain a substantial ownership interest. President and CEO Greg Leidner will continue to lead the company.

Joe Machado, partner at MPE, said, “We are pleased to partner with David, Greg, and the entire senior management team at UP&S. Our goal is to double the company’s revenues over a five year period through exciting organic growth initiatives and complementary add-on acquisitions.”

Leidner said, “MPE’s experience with founder- and family-owned businesses, as well as their unique combination of strategic, financial, and operating perspective, make them a solid partner for UP&S. This partnership will allow UP&S to better serve both our wholesale distributor customers and our manufacturing partners by accelerating our geographic expansion nationwide while adding complementary product lines.”