Myers Industries, Inc. acquired Signature Systems Group, LLC.
February 07, 2024
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Myers Industries, Inc. (NYSE:MYE) entered into an agreement to acquire Signature Systems Group, LLC for approximately $350 million on December 29, 2023. The purchase price is subject to final working capital adjustment after close. The transaction will be financed through a new $350 million credit facility. As of February 8, 2024, the cash transaction of $350 million was funded through an amendment and restatement of Myers? existing loan agreement, which maintained a $250 million revolving credit facility and added a new $400 million 5-year senior secured term loan A. The term loan A was increased by $50 million from the amount initially contemplated. The Loan Agreement was led by J.P. Morgan Chase, U.S. Bank National, Wells Fargo Bank and KeyBank National. Moelis & Company LLC acted as exclusive financial advisor and Vorys, Sater, Seymour and Pease LLP and Evan Rosen, Michael Mollerus, Dominic Foulkes, Kyoko Takahashi Lin, Robert F. Smith, Ronan P. Harty of Davis Polk & Wardwell LLP acted as a legal counsel to Myers. William Blair & Company LLC acted as exclusive financial advisor and Honigman LLP acted as legal counsel to Signature. The transaction is expected to close in the first quarter of 2024. Stuart Rogers of Alston & Bird represented Moelis & Company LLC as financial advisor to Myers Industries, Inc.
Myers Industries, Inc. (NYSE:MYE) completed the acquisition of Signature Systems Group, LLC on February 8, 2024. Signature's annual sales were approximately $110 million at the time of the acquisition.
Myers Industries, Inc. is a manufacturer of a range of polymer products for industrial, agricultural, automotive, commercial and consumer markets. It is also a distributor of tools, equipment and supplies for the tire, wheel and under-vehicle service industry in the United States. It operates through two segments. The Material Handling segment manufactures a selection of durable plastic reusable containers that are used repeatedly. Its products include pallets, small parts bins, bulk shipping containers, storage and organization products, custom plastic products, consumer fuel containers, and tanks for water, fuel and waste handling. The Distribution Segment is engaged in the distribution of tools, equipment and supplies used for tire servicing, wheel, and automotive under-vehicle service on passenger, heavy truck, and off-road vehicles and the manufacturing of tire repair materials and custom rubber. It also manufactures composite matting ground protection for industrial applications.
MYERS INDUSTRIES, INC. 
