Samuel Manu-Tech makes acquisition

Samuel Manu-Tech, Inc., reported that it 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.

This strategic acquisition extends Samuel’s existing Roll Form Group sheet piling business and provides sales coverage in the southern United States, giving the Roll Form Group coast-to-coast sales coverage. Established in 1984, PPI has achieved a leading position in the Florida sheet piling sales and rental market and throughout the surrounding states. Annual sales for the company’s most recently completed fiscal year ended March 31, 2009 approximated $12 million.

The purchase price is $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. Existing senior management will continue with the business. Funding for the acquisition came from Samuel’s existing revolving credit facility.