Olympic Steel has acquired Conway, Ark.-based Central Tube & Bar (CTB).
Terms of the deal were not disclosed. However, the Cleveland-based national service center said the “all-cash purchase is expected to be immediately accretive.”
CTB’s trailing 12-month revenue for the period ended Aug. 31 was ~$40 million, according to Olympic.
The company will operate as Central Tube & Bar, an Olympic Steel Co. It will continue to be led by CTB president Dustin Ward and his management team.
“The addition of CTB into our tubular and pipe products segment, combined with the existing success of our Chicago Tube & Iron business, provides great opportunities for growth and synergies.” Andrew Greiff, Olympic president and COO, said in a statement on Monday.
CTB serves OEMs and fabricators across the mid-South region from three facilities in Conway and Tulsa, Okla. They total 162,000 square feet of warehouse and production space.
CTB, founded in 1996, offers value-added fabrication services, including tube laser cutting, tube bending, robotic welding, flat laser burning, and brake press forming.
The company services the transportation, agricultural, commercial furniture, and data center construction industries, the statement said. CTB supplies these with fabricated tube and bar products, including round, square, rectangular, and special-shaped tubes.
“Olympic Steel’s tubular and pipe products segment has historically been our highest ebitda-to-sales margin segment, and CTB’s historical financial performance has consistently exceeded our tubular and pipe products returns,” Richard Marabito, Olympic’s CEO, said.
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