Hennepin Partners Advises Boyd Metals on its Sale to Russel Metals
Fort Smith, AR – Boyd Metals Incorporated (“Boyd Metals”, “Boyd” or the “Company”), a multi-location metal service center company headquartered in Fort Smith, Arkansas, announced it has been acquired by Russel Metals Inc. (RUS – TSX). Hennepin Partners acted as Boyd’s exclusive financial advisor and Koley Jessen served as legal counsel.
Founded in 1991, Boyd Metals is a full-line, multi-location metal service center that provides metal products and value-added processing services used across multiple end markets and applications. The Company operates five service centers across the South Central U.S. in Fort Smith (Arkansas), Little Rock (Arkansas), Joplin (Missouri), Oklahoma City (Oklahoma), and Tyler (Texas). Boyd is an integral partner to its long-tenured base of 3,500+ customers, most of which are small-to-medium sized in nature, who value the Company’s differentiated service, flexibility, responsiveness, and reliability. Boyd is known for being a one-stop solution with the ability to deliver a wide range of metal shapes and sizes, including unique, hard to find special orders, and has significantly expanded its portfolio of value-added processing services. The Company’s comprehensive product and service offering, distinguished sourcing model, and overarching dedication to its customer base has established Boyd Metals as a leader in its regional markets.
John Reid, President and Chief Executive Officer of Russel Metals, said, “We believe their culture, experienced management team and business platforms are very much aligned with our existing business as we look to further expand our U.S service center footprint. We look forward to having all of the Boyd employees as part of the Russel family.”
“Hennepin Partners was the best partner we could ask for from start to finish. They took the time to understand our business, our people, and the Boyd Way – which is the foundation of our company and how we’ve operated since the beginning,” said Tom Kennon, Founder and CEO of Boyd Metals. “The Hennepin team was instrumental in telling our story the right way, navigating our team throughout the process, and working tirelessly to make sure we found the right partner to continue the Boyd legacy. We are really excited to join the Russel family and feel it will allow Boyd to grow well into the future while maintaining the culture and legacy that has been paramount to the company’s success.”
About Russel Metals
Russel Metals is one of the largest metals distribution companies in North America, with a growing focus on value added processing. It carries on business in three segments: metals service centers, energy products and steel distributors. Its network of metals service centers carries an extensive line of metal products in a wide range of sizes, shapes and specifications, including carbon hot rolled and cold finished steel, pipe and tubular products, stainless steel, aluminum and other non-ferrous specialty metals. Its energy products operations carry a specialized product line focused on the needs of energy industry customers. Its steel distributors operations act as master distributors selling steel in large volumes to other steel service centers and large equipment manufacturers mainly on an “as is” basis. For more information, visit www.russelmetals.com.