Commercial Metals Company Concluded Acquisition of Tensar Corporation

SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) announced that it has successfully completed the acquisition of TAC Acquisition Corp. (Tensar Corporation) from Castle Harlan- a NY-based private equity firm. The cash purchase price for the transaction was $550 million, subject to customary purchase price adjustments, said the company press release.

The exclusive financial advisor to CMC for the transaction was Rockefeller Financial LLC, whereas Kirkland & Ellis LLP served as the legal counsel.

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Barbara Smith, Chairman of the Board, President, and Chief Executive Officer, CMC said that she is thrilled to welcome Tensar’s 650 employees belonging to its worldwide operating facilities to Commercial Metals. The acquisition marks another important milestone in the company’s growth strategy. It promises to expand the scope of products and services that it could offer to its customers, she added.

The acquisition is expected to help CMC advance its strategy to expand its leadership in construction reinforcement. The value-added products of Tensar will complement CMC’s existing product offering. Furthermore, Tensar will create a powerful platform of incremental growth into complementary engineered products.