Samuel Manu-Tech Acquires Omega Joists
02/28/2008 - Samuel Manu-Tech acquires the assets and all business operations of Omega Joists, a leader in the design, engineering, manufacturing and supply of open web steel joists.
Samuel Manu-Tech Inc. has acquired the assets and all business operations of Omega Joists Inc., a leader in the design, engineering, manufacturing and supply of open web steel joists. The company’s products are used primarily in the commercial and industrial building products industry in Western Canada.
Samuel’s acquisition of Omega Joists complements the company’s existing roll-forming capability at its Roll Form Group operations in Edmonton, Alta.; Mississauga, Scarborough, and Cambridge, Ont., and in Iuka, Miss. Omega’s has manufacturing operations are located in Nisku, Alta., and sales offices in Surrey, B.C.; Calgary, Alta.; and Winnipeg, Man.
"We are excited to welcome Omega Joists, their management and employees to our group of metal processing companies," commented Samuel's Chairman and CEO, Mark Samuel. "We consider this to be a great fit with our roll form operations, allowing us to package the sale of open web steel joists with our existing deck, siding and other building products."
Samuel is structuring the transaction as a purchase of the principle assets of Omega Joists Inc. The purchase price of Cdn $27 million is subject to certain adjustments for working capital items. Funding for the
acquisition came from Samuel's existing revolving credit facilities.
Samuel’s management expects the acquisition to be accretive to earnings in its first full year.
Samuel Manu-Tech is a leading North American industrial products and technology company producing a wide range of steel, plastic and related industrial products and services from locations in Canada, the United States and Mexico.
Founded in 1985, Omega has manufacturing operations based in Nisku, Alta., and sales offices in Surrey, B.C.; Calgary, Alta.; and Winnipeg, Man. The company’s annual sales approximated Cdn $24 million in its most recently completed fiscal year ended April 30, 2007. The company employs approximately 65 people.
