Olympic Steel acquires Central Tube & Bar in immediately accretive deal,no terms

Olympic Steel announced that it has acquired Central Tube & Bar CTB . The all-cash purchase is expected to be immediately accretive. Terms were not disclosed. CTB was founded in 1996 and serves large original equipment manufacturers OEMs and fabricators across the Mid-South from three facilities in Conway, Arkansas, and Tulsa, Oklahoma, totaling 162,000 square feet of warehouse and production space. The business offers a range of value-added fabrication services, including tube laser cutting, tube bending, robotic welding, flat laser burning and brake press forming. CTB’s trailing 12-month revenue for the period ended August 31, approximated $40M. “The acquisition of Central Tube & Bar represents our latest strategic move to invest in consistently high-performing businesses. We are delighted to welcome Dustin Ward and his capable team to the Olympic Steel family,” said Richard T. Marabito, Chief Executive Officer. “Olympic Steel’s tubular and pipe products segment has historically been our highest EBITDA-to-sales margin segment, and CTB’s historical financial performance has consistently exceeded our tubular and pipe products returns. CTB is a well-run, growing organization, and a great cultural fit for Olympic Steel.” Following the acquisition of CTB, Olympic Steel’s total debt under its revolving credit facility is approximately $234 M with availability of approximately $359M leaving significant capital to continue its diversification strategy through investments in additional acquisitions, new capacity and increased efficiency through automation to deliver shareholder value.