We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.

logo
  • Engineers & Specifiers
  • Contractors & Installers
  • Wholesalers & Distributors
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Free Subscription
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • PRODUCTS
    • Bath & Kitchen
    • Fire Protection
    • HVAC
    • Hydronics/Radiant
    • Plumbing
    • PVF
    • Tools
  • PROJECTS
    • Commercial
    • Green Building
    • MRO/Retrofit
    • Remodeling
    • Residential
  • HOW TO
    • Design
    • Fire Protection
    • Legal Matters
    • Management
  • BUSINESS
    • Buying Groups
    • Technology
    • Associations
  • CODES & STANDARDS
    • ANSI
    • ASHRAE
    • ASSE
    • Regulations
    • Green Building
    • IAPMO
    • ICC
    • NFPA
  • RESOURCES
    • Media Kit
    • Advertise
    • Contact Us
    • Classifieds
    • Digital Editions
    • Behind the Wall
    • Webcasts
  • BUYER'S GUIDE
  • COVID-19
    • Events & Webinars
    • Business Resources
    • Industry Announcements
    • Health & Safety
    • Op-Ed
Home » Russel Metals Announces Agreement to Acquire City Pipe & Supply Corp.

Russel Metals Announces Agreement to Acquire City Pipe & Supply Corp.

August 19, 2019
No Comments
Russel Metals Announces Agreement to Acquire City Pipe & Supply Corp. 2

Russel Metals Inc. announced that it has entered into a stock purchase agreement to acquire all the outstanding shares of City Pipe & Supply Corp. for approximately $160 million. City Pipe & Supply's revenues were approximately $275 million during its last fiscal year.

Founded in 1942, City Pipe & Supply is an industry leader in supplying pipe, valves, and fittings to oil and gas companies in the Permian, Eagle Ford, Granite Wash, Barnett and Haynesville basins which collectively represent approximately 60 percent of the active rigs in the United States. City Pipe & Supply operates five distribution centers located in Odessa, Big Spring, Weatherford and Longview, Texas, and Hobbs, New Mexico.  The current management team will remain in place and Brett Lossin will continue to serve as president.

John Reid, president and CEO of Russel Metals, stated, "We are extremely pleased to have entered into this agreement. City Pipe & Supply is both a strategic and cultural fit that affords us the opportunity to further expand our high-margin oilfield services business in the Permian basin. Brett Lossin and the City team have an outstanding reputation and their existing footprint complements our Apex Remington operation. This transaction will be accretive to our earnings."

Brett Lossin, president of City Pipe & Supply, stated, "We are very excited to announce that we have entered into this agreement with Russel Metals. We believe that Russel will provide us with the platform for future growth benefiting both our employees and customers."

The transaction will be financed by the cash held within the U.S. of approximately $100 million and the remainder from a bank facility. The transaction is subject to regulatory approval and customary closing conditions. It is expected to close in the fourth quarter of 2019.

Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three metals distribution segments: metals service centers, energy products and steel distributors, under various names including Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Acier Wirth, Alberta Industrial Metals, Apex Distribution, Apex Monarch, Apex Remington, Apex Western Fiberglass, Arrow Steel Processors, B&T Steel, Baldwin International, Color Steels, Comco Pipe and Supply, DuBose Steel, Fedmet Tubulars, JMS Russel Metals, Leroux Steel, McCabe Steel, Mégantic Métal, Métaux Russel, Métaux Russel Produits Spécialisés, Milspec, Norton Metals, Pemco Steel, Pioneer Pipe, Russel Metals Processing, Russel Metals Specialty Products, Russel Metals Williams Bahcall, Spartan Energy Tubulars, Sunbelt Group, Triumph Tubular & Supply, Wirth Steel and York-Ennis.

Business Industry Community News Plumbing PVF Wholesalers & Distributors
  • Related Articles

    Core & Main Signs Agreement to Acquire Triple T Pipe & Supply

    The Home Depot Announces Agreement to Acquire HD Supply Holdings Inc.

    Core & Main Signs Definitive Agreement to Acquire J & J Municipal Supply and Erosion Resources & Supply

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular

  • Plumbers Without Borders Seeks Contractor Volunteers to Help Texas

  • Edgen Murray Opens New Facility

  • Digital Exclusive: Energy Crisis Update from Houston

  • CISPI Issues Statement in Response to US CBP Findings to Antidumping and Countervailing Orders

Featured Video

Franklin video

HT-VCL Series High-Temperature Condensate Pumps - Features Video

Industry Events

  • 28Apr

    2021 BLUE HAWK Annual Conference

    Austin, TX
  • 12Oct

    BOILER 2021 – ABMA Boiler Technology Conference & Expo

    Dallas, TX
More Events

Subscribe to our newsletters & stay updated

Subscribe & Learn More

  • Tw02 2021 cover
    Learn More
  • Pe02 2021 cover
    Learn More
  • Phc02 2021 cover
    Learn More
  • Es07 2020
    Learn More
Subscribe

More from PHCP Pros

  • Editorial Team
  • Home
  • Contact Us
  • About
  • Advertise

Follow Us

© 2021 All Rights Reserved

Design, CMS, Hosting & Web Development | ePublishing