Myers Industries (NYSE: MYE), an Akron, OH-based manufacturer and distributor of industrial products, acquired Signature Systems, a Flower Mound, TX-based company which specializes in composite ground protection solutions, for approximately $350M.
With the acquisition, Myers will enhance traditional strength of free cash flow generation. The deal delivers $8M in annualized operational and cost synergies implemented by 2025.
Led by CEO Jeff Condino, Signature Systems manufactures and distributes composite matting ground protection for industrial applications, stadium turf protection and temporary event flooring. It protects its customers around the world by designing, engineering and manufacturing premier composite matting systems that keep people, property and equipment safe. The company offers application-based solutions and customer-informed engineering for multiple industries, ranging from industrial sectors to the world’s highest-profile major venues and events. Its global brands include MegaDeck®, SignaRoad®, DuraDeck®, OmniDeck®, ArmorDeck® and EventDeck®. Signature has projected 2023 revenue, operating income, and Adjusted EBITDA of approximately $122 million, $24 million and $44 million, respectively.
Led by Mike McGaugh, CEO, Myers is a manufacturer of a range of polymer products for industrial, agricultural, automotive, commercial and consumer markets. The company is also a distributor of tools, equipment and supplies for the tire, wheel, and under-vehicle service industry in the U.S.
FinSMEs
02/01/2024