TORONTO, Cananda – Russel Metals Inc. (TSX:RUS) says it has closed the acquisition of oilfield supply company Monarch Supply for $33 million in cash, plus a five-year earnout.
Russel Metals says Monarch will continue to operate with existing management and employees, but report to Russel-owned Apex Distribution.
“Apex Distribution has benefited from a long-time working relationship with Monarch Supply,” Apex president and CEO Don White said in a release Monday.
“There is an excellent fit between the product offerings, customer base and distribution capabilities of the two companies.”
Russel Metals is one of the largest metals distribution companies in North America, carrying on business in three metals distribution segments: metals service centres, energy products and steel distributors, under various banners.