Myers Industries, Inc., a leading manufacturer and distributor of industrial products, announced today that it will acquire Signature Systems, a leader in composite ground protection solutions, for a total consideration of approximately $350 million.
The acquisition will strengthen Myers’ profitability and cash flow, as well as provide a complementary platform for long-term growth driven by worldwide investments in infrastructure. Signature has a leading market position, with branded and differentiated products, serving fast-growing end markets. Signature also has a favorable sustainability profile, as its products replace wood products with composite matting solutions.
The transaction is expected to close in the first quarter of 2024 and to be accretive to Myers’ earnings per share from 2025 onwards. Myers will finance the transaction through a new $350 million credit facility and expects to reduce its net leverage ratio to under 2x within two years of closing.
Mike McGaugh, CEO of Myers, said, “We are excited to welcome the Signature team to Myers. This acquisition is a catalyst in the transformation of Myers Industries and firmly moves us into Horizon Two of our Three Horizon strategy.”
Jeff Condino, CEO of Signature, said, “We look forward to joining the Myers Industries team and for Signature to represent an important and complementary addition to the combined Company. Our vision for the future of Signature aligns with Myers long-term strategy and we are confident that our cultures are equally well aligned.”