Synalloy Corporation Acquires Palmer of Texas (Lee-Var, Inc.)
August 24, 2012
Synalloy Corporation (SYNL) completed the acquisition of Lee-Var, Inc., dba Palmer of Texas, a manufacturer of fiberglass (FRP) and steel storage tanks serving the oil industry. The purchase, closed August 21, 2012, was financed via an increased bank credit facility and a $22.5 million ten-year term loan; Palmer operates a primary facility in Andrews, Texas, had 137 employees and generated approximately $32 million in trailing twelve-month revenue.
- Buyers
- Synalloy Corporation
- Targets
- Lee-Var, Inc. (dba Palmer of Texas)
- Industry
- Manufacturing
- Location
- Texas, United States
- Transaction Type
- Buyout
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