Hill & Smith buys US structural steel components maker Whitlow for $30.2m
By Michele Maatouk
Date: Tuesday 10 Sep 2024
(Sharecast News) - Hill & Smith said on Tuesday that it has bought Whitlow, a designer and manufacturer of structural steel and substation components for the US electrical infrastructure market, for $30.2m (£23m).
Founded in 1963 and based in Elberton, Georgia, Whitlow serves customers' utility infrastructure needs across the Southeast of the US, with a focus on Georgia, North Carolina, South Carolina, Virginia and Tennessee.
Hill & Smith said it will become part of the V&S Utilities Group, within its Engineered Solutions division, and "builds on the successful acquisition and integration of Capital Steel in January 2024, broadening our geographic footprint in the US and providing access to new customers in the attractive Southeast market".
In the 12 months to 31 December 2023, Whitlow reported unaudited revenue of $27.4m, adjusted EBIT of $3.1m and gross assets as at 31 December 2023 of $10.7m.
Whitlow has been bought from shareholder Bruce Whitlow, who will be staying with the business.
Executive chair Alan Giddins said: "The acquisition of Whitlow is an excellent fit for Hill & Smith. The business operates in the high growth US electrical infrastructure market and builds on the successful acquisition and integration of Capital Steel earlier this year, adding a presence in the attractive Southeast US market. I am delighted to welcome Bruce Whitlow and his team to the group.
"We have now completed four acquisitions in 2024, consistent with our strategy to acquire complementary businesses within attractive, high growth markets."
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