Friedman Industries Inc., Longview, Texas, has acquired Century Metals and Supplies, Miami, Fla. The acquisition includes working capital, buildings, processing and other equipment and the related real estate.
In addition to the owned facilities in Miami, the transaction also includes leased distribution and warehouse facilities in Orlando and Tampa.
The operations will continue as Century Metals and Supplies LLC, a wholly owned subsidiary of Friedman. The all-cash purchase is expected to be immediately accretive. Over the past three fiscal years, Century Metals has generated average annual revenues of approximately $111 million.
“I am delighted to welcome Century Metals into the Friedman family. The acquisition is a strategic move that broadens our reach into new regions and enhances our product offerings,” said Michael Taylor, president and CEO of Friedman. “Century Metals has a strong track record and a respected brand, led by a seasoned management team that will continue to operate the business as a subsidiary. Together, we will build a more robust and competitive organization, combining the strengths of both companies to ensure long-term success.”
The acquisition of Century Metals expands Friedman’s presence in the Southeastern U.S. and Latin American markets, enhances core hot-rolled steel business, adds coil slitting capabilities and broadens the product portfolio to include cold-rolled, coated and stainless steels, as well as nonferrous materials such as aluminum, copper and brass. Additionally, this acquisition provides Friedman with strategic access to the growing residential and corrosion-resistant markets.
Misael Rosario, president of Century Metals, said, “We are proud of our accomplishments over the past 37 years. Joining with Friedman brings exciting new possibilities for our employees, customers and suppliers. We are confident that this collaboration will drive continued growth and innovation.”
Montrose Advisors served as financial advisor and Norton Rose Fulbright served as legal advisor to Friedman Industries for this transaction.