Transport giant acquires Texas composite firm in $35m deal
Transport infrastructure group Hill & Smith, has completed its acquisition of Texas-based Enduro Composites for $35m (£28.7m).
Enduro, designs, manufacturers and supplies engineered composite solutions in the industrial and infrastructure sectors and will now merge into Hill & Smith’s Engineered Solutions division.
The sellers are a group of private shareholders, including the management team, who had a small minority shareholding in Enduro, and will be staying with the business.
Hill & Smith say the addition of Enduro complements its existing northeastern and midwestern US composite businesses and will accelerate its strategy in this market. The move will add a manufacturing facility in the Gulf Coast region and provides an opportunity to grow customers base and product range.
Last year, Enduro reported an adjusted revenue of $47m, adjusted EBIT of $4.5m and gross assets of $22.9m. The acquisition is expected to be earnings enhancing to the Group in 2023.
The acquisition has been made on a debt and cash free basis, and will be funded from the Hill & Smith’s existing banking facilities.
Alan Giddins, Executive Chair of Hill & Smith, said: “The acquisition of Enduro is in line with our strategy to undertake disciplined M&A that is aligned to our focus on niche markets with excellent long term growth potential.
“The acquisition of Enduro will further develop our product offering and expand our geographical coverage in the highly attractive composites market”.
