Vancouver, Washington-based Wilkinson Steel and Metals Inc. announced Thursday that it has reached an agreement to sell its assets to Samuel, Son & Co., Limited. The transaction is expected to close late next month following regulatory approval. Wilkinson is currently owned by the international private equity group Nova Capital. Nova Capital acquired the business in 2011 as part of a portfolio of five industrial businesses previously owned by Amalgamated Metal Corporation Plc.
Samuel and Wilkinson maintain complimentary product lines with minimal customer and product overlap which management believes will provide a well-suited long term strategic home for Wilkinson after many years of ownership by financial investors, according to a press release from the companies.
Wayne K. Bassett, President and CEO of Samuel commented on the deal saying, "Wilkinson has been one of the key service centers in Western Canada for over 100 years. We are extremely pleased to be acquiring a company with an excellent product offering that is mainly complimentary to Samuel's product line. The acquisition also adds bars and structurals to Samuel's current product offering. We are also pleased to be adding a strong team of employees to our Western Canadian Service Center network."
Samuel is the fifth largest processor and distributor of carbon steel, stainless steel, and aluminum in North America and has over 100 steel service centers and manufacturing facilities.
