Metal-Fab was founded in 1958 and operates from two warehousing and fabrication facilities in Wichita, Kansas. The business manufactures venting and filtration products for residential, commercial and industrial applications – products constructed largely of coated carbon and stainless steel. The business will continue to operate as Metal-Fab, an Olympic Steel company, led by Mark Ohm, President, and his experienced management team.
“We are thrilled to welcome the Metal-Fab team to Olympic Steel, as we continue to deliver on our strategy to diversify and grow in higher-return products and services that are expected to reduce earnings volatility and increase sales and profit returns,” said Richard T. Marabito, Chief Executive Officer. “Metal-Fab’s consistent earnings model has proven recession-resistant and is a perfect strategic fit for Olympic Steel. Metal-Fab’s manufacturing expertise and catalog of products are an excellent complement to our growing portfolio of metal-intensive end-use products. We are excited to broaden our product offerings, manufacturing capabilities and geographic reach with this acquisition.”
“Metal-Fab is a well-run organization with more than 60 years of experience, an established reputation for quality and a history of consistent double-digit annual EBITDA margins. It provides us with a solid platform for accelerating growth in two target market segments – carbon coated and stainless steel,” said Andrew Greiff, President and Chief Operating Officer. “Metal-Fab’s values and operating principles are well-aligned to our culture and practices, and we expect to capitalize on a number of operational and commercial synergies that will benefit both the Metal-Fab product lines and Olympic Steel.”
Olympic Steel also announced that it has increased the size of its asset-based revolving credit facility from $475 million to $625 million. Following the $131 million acquisition of Metal-Fab, Olympic Steel’s total debt under the revolving credit facility is approximately $297 million, with availability of approximately $280 million, leaving significant capital to continue its diversification strategy through investments in additional acquisitions, new capacity and increased efficiency through automation to deliver shareholder value.
About Metal-Fab
Metal-Fab manufactures complete and comprehensive venting solutions for residential, commercial and industrial applications. With more than 60 years of experience, the Company is an industry-leading service provider.
To learn more and view a full catalog of products and services, visit https://www.mtlfab.com/
About Olympic Steel
Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminum, tin plate, and metal-intensive branded products. The Company’s CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricator of value-added parts and components. Headquartered in Cleveland, Ohio, Olympic Steel operates from 44 facilities in North America, inclusive of the two new locations added as part of the Metal-Fab acquisition.
For additional information, please visit the Company’s website at www.olysteel.com.
