Samuel Manu-Tech Acquires Piling Products
09/01/2009 - Samuel Manu-Tech has acquired the principal assets and all of the business operations of the Florida-based distributor of hot rolled and cold formed steel sheet piling.
Samuel Manu-Tech Inc. has acquired the principal assets and all of the business operations of Piling Products, Inc. (PPI), a Florida-based distributor of hot rolled and cold formed steel sheet piling.
The acquisition extends Samuel's existing Roll Form Group sheet piling business and provides sales coverage in the southern U.S. states. The Roll Form Group now has coast-to-coast sales coverage.
The purchase price is U.S. $12.6 million plus a potential earn-out payment not to exceed $2.2 million. Management expects this acquisition to be accretive to earnings in its first full year of operations. Funding for the acquisition came from Samuel's existing revolving credit facility.
"We are excited to welcome Piling Products, their management, and employees to our group of companies. We consider them to be a positive strategic addition to our Roll Form Group," said Samuel's Chairman and CEO, Mark Samuel. "Samuel Manu-Tech continues to seek out positive strategic acquisitions in the midst of these unprecedented economic circumstances."
Established in 1984, Piling Products, Inc. has achieved a leading position in the sheet piling sales and rental market in Florida and the surrounding southern U.S. states. Annual sales for the company's most recently completed fiscal year, ending March 31, approximated U.S. $12 million.
Samuel Manu-Tech Inc. 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.
