MSC Industrial Direct Co., Inc. (MSM) announced that it has completed the acquisition of the North American distribution business of Barnes Group Inc. (B) for $550 million.
MSC said it financed the purchase of the North American distribution business utilizing both existing cash and a new credit facility, which was closed simultaneously with the acquisition.
The new credit facility included a fully drawn $250 million term loan and a $400 million revolver, of which $120 million was drawn at closing to fund the acquisition. Run-rate cost synergies are expected to reach $15 million -$20 million by fiscal 2015.
The acquisition is expected to be accretive to cash flow and earnings per diluted share, including synergies and excluding transaction and integration costs, by contributing an expected incremental earnings per share of $0.15-$0.20 and $0.30-$0.40 in fiscal years 2014 and 2015, respectively.
In February, Barnes Group said it agreed to sell its Barnes Distribution North America business or BDNA to MSC Industrial Direct Co for $550 million.
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