CMC - Commercial Metals to buy Tensar Corp. in $550M deal

Commercial Metals (NYSE:CMC) agrees to acquire soil stabilization and reinforcement provider Tensar Corp. from P-E firm Castle Harlan Partners in a deal valued at $550M. The purchase price represents a multiple of 8.4x Tensar's expected 2021 EBITDA, including ~$5M in anticipated cost synergies. The acquisition "advances CMC's strategy to expand our leadership in construction reinforcement, with value-added products that complement our existing offering," says Chairman, President and CEO Barbara Smith." Commercial Metals recently reported record fiscal-year core earnings and said it expects its strong financial and operating performance will continue in FY 2022.

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Commercial Metals to buy Tensar Corp. in $550M deal