Sard Verbinnen & Co is guiding PR for the Pritzker family as it acquires Pittsburgh-based steel services company TMS International in a deal valued at $1B.

The Pritzker Organization, the merchant bank for one of the wealthiest families in the U.S. with holdings like Hyatt Hotels and Triton Container, said it will pay $17.50-per-share for TMS, which provides mill services and buys and sells raw materials around the world for the steel industry. The deal will take NYSE-traded TMS private.

The deal is expected to close in the fourth quarter, subject to regulatory approval.

Penny Pritzker, daughter of TPO co-founder the late Donald Pritzker, is the U.S. Secretary of Commerce.

George Sard in New York and SV&C staff in Chicago rep TPO.