Friedman Industries acquires Century Metals for $45.25M cash plus $3.5M note and earn-out

FRIEDMAN INDUSTRIES INC

Acquired Century Metals & Supplies for $45.25M cash at closing, $3.5M promissory note, and up to $10M earn-out over four years.
Century Metals had average annual revenues of ~$111M over past three fiscal years; deal expected to be immediately accretive.
Acquisition adds facilities in Miami (owned), Orlando and Tampa (leased), and expands into cold-rolled, coated, stainless steels and non-ferrous.
Credit facility amended: commitments reduced to $125M, maturity extended to August 29, 2030, with Wells Fargo replacing BMO as lender.
Friedman gains coil slitting capabilities and access to residential and corrosion-resistant markets.

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