May 16 (Reuters) - Nucor Corp said on Monday it would acquire garage door maker C.H.I. Overhead Doors from investment firm KKR & Co in a deal valued at $3 billion, as the steel maker looks to diversify its operations.
KKR, which acquired the North American manufacturer of overhead doors in 2015, said the sale will represent one of "largest returns in recent history" for the private equity firm.
Meanwhile, all C.H.I. employees will receive a substantial cash payout on their equity in the company, KKR added.
The deal is expected to close in June or shortly thereafter.
C.H.I., which manufactures overhead doors that have residential as well as commercial applications, will retain its leadership team, including Chief Executive Officer Dave Bangert.
"Acquiring C.H.I. is another step in our long-term strategy to expand into areas that are a natural extension of our business and leverage our efficient manufacturing mode," Nucor CEO Leon Topalian said.
Moelis & Company LLC served as Nucor's financial adviser and Moore & Van Allen PLLC its legal counsel. (Reporting by Nathan Gomes in Bengaluru; Editing by Maju Samuel)
