Friedman Industries acquires Plateplus assets for ~$63.8M cash + shares; expands ABL facility to $150M

FRIEDMAN INDUSTRIES INC

Acquired East Chicago, IN and Granite City, IL facilities plus inventory/customer relationships from Loudon, TN and Houston, TX for $63.8M cash and 516,041 shares of FRD common stock.
Acquisition closed April 30, 2022; expected to more than double coil product segment volume (acquired facilities sold 163K tons vs Friedman's 152K tons in trailing 12 months).
Financed via expansion of JPMorgan ABL facility from $75M to $150M; post-closing borrowed balance was $72.5M.
Shares issued to Plateplus (516,041) subject to six-month lock-up; Metal One Corporation becomes significant shareholder.
Transaction expected to be immediately accretive to operating results; operations integrated into Friedman's coil product segment.

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