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Reliance Steel and Aluminum Co Completes Acquisition Of Metals USA Holdings Corp.


Monday, 15 Apr 2013 08:50am EDT 

Reliance Steel and Aluminum Co announced that it has completed the previously announced acquisition of Metals USA Holdings Corp. for $20.65 per share in cash, pursuant to which Metals USA has become a wholly-owned subsidiary of Reliance. This acquisition adds a total of 48 service centers strategically located throughout the United States 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 at closing for the holders of Metals USA stock, options and restricted stock, and the assumption of $454 million of net debt, representing a Metals USA enterprise value of approximately $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 that was completed last week. Effective with the closing, Lourenco Goncalves retired as Chairman, President and Chief Executive Officer (CEO) of Metals USA. Robert C. McPherson III will be promoted to President and CEO of Metals USA. In addition, Roger Krohn will be promoted to Senior Vice President and Chief Operating Officer of Metals USA. 

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