Metals service center company Reliance Steel & Aluminum Co. (RS) Monday said it has completed the previously announced acquisition of Metals USA Holdings Corp. for $20.65 per share in cash. Following the deal, Metals USA has become a wholly-owned subsidiary of Reliance.
This acquisition adds 48 service centers strategically located throughout the U.S. to Reliance's existing operations and complements its existing customer base, product mix and geographic footprint.
The purchase price for Metals USA was $786 million paid in cash and the assumption of $454 million of net debt, representing an enterprise value of $1.24 billion.
Reliance funded the transaction and refinanced Metals USA indebtedness with a combination of proceeds from its amended $1.5 billion credit facility and new $500 million term loan along with proceeds from its $500 million senior notes offering completed last week.
Effective with the closing, Lourenco Goncalves retired as Chairman, President and Chief Executive Officer of Metals USA and Robert McPherson III will be promoted as its President and Chief Executive Officer.
In addition, Roger Krohn will be promoted to Senior Vice President and Chief Operating Officer of Metals USA.
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