Wellspring Capital Management, a New York-based private equity firm, completed the acquisition of Merit Capital-backed Steele Solutions, a value-add supplier into the industrial automation sector. Financial terms were not disclosed. "We are thrilled to be able to support Steele Solutions in its next phase of growth. Kevin O’Neill, Mike Thelen, and the rest of the SSI team have built an impressive business over the last 25 years, rooted in strong customer relationships and attractive end markets that have allowed the Company to consistently excel, even through uncertain economic periods like the current one. We congratulate the entire team on their accomplishments to date and look forward to a great partnership," John Morningstar, Wellspring Managing Partner.