Miller Industries acquires Southern Hydraulic Cylinder for ~$17.5M

MILLER INDUSTRIES INC /TN/

Asset purchase of custom hydraulic cylinder manufacturer for approx. $17.5M, subject to cash and working capital adjustments.
Acquisition financed via cash on hand and existing credit facility; $1.7M placed in escrow for indemnification.
Expected to be accretive within first year and improve supply chain stability for hydraulic components.
CEO William G. Miller, II says acquisition is immaterial to consolidated results but improves sourcing flexibility and backlog execution.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MILLER INDUSTRIES INC /TN/ entered into Purchase Agreement with Southern Hydraulic Cylinder, Inc. and its owners valued at approximately $17.5 million (effective 2023-05-31).

Action: entry
Agreement: asset purchase
Counterparty: Southern Hydraulic Cylinder, Inc. and its owners
Value: approximately $17.5 million
Effective: 2023-05-31

Exact text from the filing

On May 31, 2023, Miller Industries, Inc., a Tennessee corporation (the “Company”), and VAC, Inc., a Tennessee corporation and a wholly owned subsidiary of the Company (“Buyer”), entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Southern Hydraulic Cylinder, Inc., a Tennessee corporation (“Southern Hydraulic Cylinder”), and its owners.

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MILLER INDUSTRIES INC /TN/ filing history →

Source: SEC EDGAR

accession 0001104659-23-066846

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