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Central Steel & Wire to be acquired by Ryerson

Steel News - Published on Wed, 20 Jun 2018

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Brown Gibbons Lang & Company acted as the lead financial advisor to Central Steel Wire, a leading metal service center with a strong reputation as a valued supply chain partner, in connection with its pending sale to Ryerson Holding Corporation. The transaction was announced on June 5, 2018, and is expected to close during the third quarter of 2018, subject to regulatory approval.

The transaction values Central Steel & Wire at an enterprise value of $140,000,000 on a cash-free, debt-free basis with a normalized level of working capital.

Completion of the transaction has been approved by the board of directors of both companies and following Central Steel & Wire's entry into the merger agreement, Central Steel & Wire shareholders holding approximately 73% of Central Steel & Wire's issued and outstanding voting shares executed a written consent approving the merger agreement and the transaction. The transaction is subject to customary closing conditions as well as the termination or expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the absence of any legal restraint challenging the validity of the transaction.

Central Steel & Wire is a leading metal service center with locations across the Central and Eastern United States. Central Steel & Wire has a rich history spanning more than 100 years, offering custom solutions utilizing value-added processing and a full-line of metals products including carbon, aluminum, stainless, and brass and copper.

Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson employs around 3,700 employees in approximately 100 locations.

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Posted By : Ratan Singh on Wed, 20 Jun 2018
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