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MSC Industrial Direct Co Inc Announces Completion Of Acquisition Of Barnes Group Inc's North American Distribution Business

Monday, 22 Apr 2013 09:09am EDT 

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

Company Quote

30 Oct 2014