![OH-based-Myers-Industries-Acquired-Signature-Systems OH-based Myers Industries Acquired Signature Systems. a leader in composite ground protection solutions.](https://startuprise.io/wp-content/uploads/2024/01/OH-based-Myers-Industries-Acquired-Signature-Systems.webp)
![](https://startuprise.io/wp-content/uploads/2024/01/OH-based-Myers-Industries-Acquired-Signature-Systems.webp)
OH-based Myers Industries Acquired Signature Systems. a leader in composite ground protection solutions.
Read also – CA-based Hyperlink Ventures Secures it’s First fund at $32M
Mike McGaugh, CEO of Myers said, “Signature Systems is a meaningful catalyst in the transformation of Myers Industries. Signature aligns extremely well with our targeted acquisition criteria: Signature has a leading market position, with branded and differentiated products, serving fast-growing end markets. Signature provides Myers an attractive complementary platform for long-term growth driven by world-wide investments in infrastructure over the next decade, The addition of Signature Systems immediately strengthens our profitability and cash flow profile and will support Myers in achieving our Horizon 1 goals of one billion dollars in revenue at a 15% EBITDA margin. We are especially pleased to be acquiring a high-margin business with an established growth track record, as well as a favorable sustainability profile. Signature builds on our current technology capabilities, and we are excited about the opportunities to drive even greater shareholder and customer value by applying the Commercial and Operational Excellence best practices of the Myers Business System.”
Based in Flower Mound, TX with production operations in Orlando, FL, Signature’s products are complementary to those sold by Myers. The company is a leading manufacturer and distributor of high-quality, branded composite ground protection products and is also a leading provider of turf protection solutions for stadiums and event venues in North America.
Read also – ME-based Biochar Producer Standard Biocarbon Secures $5M in Funding
Signature has projected 2023 revenue, operating income, and Adjusted EBITDA of approximately $122 million, $24 million and $44 million, respectively.
Signature CEO Jeff Condino said, “We look forward to joining the Myers Industries team and for Signature to represent an important and complementary addition to the combined Company. Signature’s business continues to benefit from powerful tailwinds in infrastructure investments. Our highly engineered ground protection products are well positioned for continued growth due to the conversion from wood products to composite matting solutions. Our vision for the future of Signature aligns with Myers long-term strategy and we are confident that our cultures are equally well aligned.”
Myers will acquire Signature for a total consideration of approximately $350 million, subject to customary adjustments. The transaction is expected to close in the first quarter of 2024 and to be neutral to slightly dilutive to US GAAP EPS in 2024, but then deliver EPS accretion of $0.20-$0.30 in 2025, $0.40 – $0.50 in 2026 and additional meaningful EPS accretion beyond 2026. Annualized run-rate operational and cost synergies of $8 million are expected to be fully captured by 2025.
Read also – TX-based Cart.com Secures $30M Growth Funding
Mr. McGaugh concluded, “We are excited to welcome the Signature team to Myers. This acquisition is a catalyst in the transformation of Myers Industries and firmly moves us into Horizon Two of our Three Horizon strategy. We anticipate disclosing full year 2023 pro-forma financial results for the new combined Company during the first quarter of 2024 and are looking forward to discussing these results and unveiling our new long-term re-positioning of the Company at an Investor Day event in March of 2024 in New York City.”
Moelis & Company LLC served as exclusive financial advisor to Myers with respect to the transaction, while Vorys, Sater, Seymour and Pease LLP and Davis Polk & Wardwell LLP provided legal counsel. William Blair & Company LLC served as exclusive financial advisor and Honigman LLP served as legal counsel to Signature.
About Signature Systems
Signature Systems manufactures and distributes composite matting ground protection for industrial applications, stadium turf protection and temporary event flooring. Signature protects its customers around the world by designing, engineering and manufacturing premier composite matting systems that keep people, property and equipment safe.
Read also – PA-based NewSpring Secures over $180M for Fourth Growth Equity Healthcare Fund
Signature offers application-based solutions and customer-informed engineering for multiple industries, ranging from industrial sectors to the world’s highest-profile major venues and events.
About Myers Industries
Myers Industries, Inc. is a leading manufacturer of a wide range of polymer products for industrial, agricultural, automotive, commercial and consumer markets. The Company is also the largest distributor of tools, equipment and supplies for the tire, wheel, and under-vehicle service industry in the U.S.
Read also – NYC-based Traliant Acquired Kantola Training Solutions