Nerds of Steel

For those looking for more details on today’s NLMK acquisition of the John Maneely tube operations from Carlyle, Bloomberg has a good piece here. It looks like they paid about $1,665/ton for operations generating about $230/ton of EBITDA. Here are some of the salient details from the Bloomberg article:

In the year ended June 30, John Maneely shipped 2.1 million tons of pipe and had earnings before interest, tax, depreciation and amortization of $485 million, it said. The acquisition is priced at 7.3 times earnings.

John Maneely, which combined with Canada’s Atlas Tube Inc. in December 2006, is based in Beachwood, Ohio. Annual sales were boosted by about $800 million under Carlyle’s ownership, according to the statement. About 80 percent of revenue comes from plumbing and electrical applications used in non- residential construction markets, according to Carlyle’s Web site.