Myers Industries Strengthens Position through Acquisition
Myers Industries has recently completed an acquisition that promises to fortify its traditional prowess in free cash flow generation.
This strategic move is expected to yield significant benefits, with the deal projecting $8 million in annualized operational and cost synergies to be realized by the year 2025.
Signature Systems: A Key Addition
Under the leadership of CEO Jeff Condino, Signature Systems emerges as the focal point of this acquisition.
Specializing in the manufacturing and distribution of composite matting ground protection, the company caters to diverse needs such as industrial applications, stadium turf protection, and temporary event flooring.
Signature Systems distinguishes itself by not only designing and engineering premier composite matting systems but also by prioritizing customer safety.
Its array of global brands, including MegaDeck®, SignaRoad®, DuraDeck®, OmniDeck®, ArmorDeck®, and EventDeck®, testifies to its extensive reach and influence. The company’s solutions span various industries, from industrial sectors to major venues and events worldwide.
With a projected revenue of approximately $122 million, operating income of $24 million, and Adjusted EBITDA of $44 million for the year 2023, Signature Systems stands as a valuable addition to Myers Industries.
Myers Industries Overview
Under the leadership of CEO Mike McGaugh, Myers Industries holds a prominent position as a manufacturer of polymer products across diverse markets, including industrial, agricultural, automotive, commercial, and consumer sectors.
Additionally, the company serves as a distributor of tools, equipment, and supplies within the U.S., specifically focusing on the tire, wheel, and under-vehicle service industry.
This multifaceted approach, coupled with its commitment to providing quality products and services, positions Myers Industries as a key player in its respective markets.
This acquisition not only enhances Myers Industries’ capabilities but also signifies a strategic alignment with Signature Systems, creating a synergy that is poised to deliver positive outcomes in the years ahead.
Date: 02/01/2024 Source: FinSMEs