CHICAGO, Ill. and MANHATTAN, Kan. – Zekelman Industries (“Zekelman”) announced that it has entered into a definitive agreement to acquire the assets of EXLTUBE from SPS Companies, Inc. (“SPS”).
Headquartered in North Kansas City, MO, EXLTUBE manufactures hollow structural sections, mechanical tubing, standard pipe and specialty products. The acquisition strengthens Zekelman’s steel tube and pipe manufacturing capabilities with the addition of three co-located mills and 530,000+ square feet of manufacturing and warehouse space in the strategically located Kansas City region.
The acquisition of EXLTUBE adds complementary products and manufacturing capabilities to the Zekelman family of companies. Barry Zekelman, executive chairman and CEO of Zekelman Industries, said, “This acquisition enables Zekelman to provide improved service and an enhanced product offering to customers throughout North America. The cultures of our organizations are highly complementary, and we look forward to beginning this next chapter with the talented team at EXLTUBE.”
Matt Crocker, president and CEO of SPS, also commented, “EXLTUBE is a fantastic business, and SPS has been fortunate to have owned it for nearly 20 years. The people and culture at EXLTUBE are truly special, as evidenced by its track record of sustained profitable growth. SPS has a longstanding relationship with Zekelman, and we are excited for EXLTUBE to embark on this next phase with the support of Zekelman’s ownership.”
J.P. Morgan is acting as exclusive financial advisor and Weary Davis is acting as legal counsel to SPS. BakerHostetler is acting as legal counsel to Zekelman.
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