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January 3, 2023
Olympic Buys Metal-Fab for $131M
Olympic Steel Inc. has acquired Wichita, Kan.-based Metal-Fab Inc. for $131 million.
The company said Metal-Fab, which manufactures venting and filtration products for residential, commercial, and industrial applications, will continue to operate under the same name, led by Mark Ohm, president.
“It provides us with a solid platform for accelerating growth in two target market segments – carbon-coated and stainless steel,” Andrew Greiff, Olympic president and chief operating officer, said in a statement.
The Cleveland-based metals service center also announced it has increased the size of its asset-based revolving credit facility from $475 million to $625 million.
The company said its total debt under the revolving credit facility is approximately $297 million, with availability of approximately $280 million, leaving significant capital to continue its diversification strategy.
By Ethan Bernard, Ethan@SteelMarketUpdate.com
