Mayville Engineering acquires Mid-States Aluminum for ~$96M; expects Q3 2023 close

Mayville Engineering Company, Inc.

Deal value approximately $96M, subject to customary working capital adjustments.
MSA 2022 revenue $86M, Adjusted EBITDA $16M (margin >18%); acquired for lightweight fabrication capabilities.
Acquisition to be immediately accretive to EPS, Adjusted EBITDA, and FCF (excl. transaction costs).
MEC expects MSA to contribute $30-35M net sales and $4-6M Adjusted EBITDA in FY 2023.
Funded by amending existing credit agreement to increase revolving facility to $250M.

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

Mayville Engineering Company, Inc. entered into Unit Purchase Agreement with shareholders of Mid-States Aluminum Corp. valued at approximately $96 million (effective 2023-06-19).

Action: entry
Agreement: asset purchase
Counterparty: shareholders of Mid-States Aluminum Corp.
Value: approximately $96 million
Effective: 2023-06-19

Exact text from the filing

On June 19, 2023, Mayville Engineering Company, Inc. (the “Company”) and the shareholders (the “Sellers”) of Mid-States Aluminum Corp. (“MSA”) entered into an Unit Purchase Agreement (the “Purchase Agreement”), pursuant to which, subject to the satisfaction or waiver of the conditions contained therein and following a reorganization of MSA from a corporation to a limited liability company, the Company will acquire all of the issued and outstanding limited liability interests of MSA (the “Acquisition”) for a total consideration of approximately $96 million

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Mayville Engineering Company, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-23-011281

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