- Metal solutions provider Reliance Steel & Aluminum Co. (NYSE:RS) has announced a definitive agreement to acquire Merfish United from private equity firm One Equity Partners (NASDAQ:OEPW).
- Terms of the transaction were not disclosed.
- Subject to regulatory approval and customary closing conditions, the deal is expected to close within the next 60 days. Upon closing, the current Merfish United team, including management, is expected to remain in place.
- Merfish United distributes tubular building products in the United States. Its product offering includes full lines of steel pipe, copper tubing, plastic pipe, electrical conduit and related products for the commercial, residential, municipal and industrial building markets. The company operates 12 distribution centers and generated net sales of ~ $500M in the year ended June 30, 2021.
- The deal supports Reliance’s customer, product and geographical diversification strategy and is in line with its strategy to acquire immediately accretive companies with strong management teams. Additionally, the deal increases Reliance’s exposure to copper and plastic products and positions it in the adjacent industrial distribution space.