Olympic Steel, Inc. (NasdaqGS:ZEUS) acquired Metal-Fab, Inc. from Janet A. Shannon and Kenneth F. Shannon for approximately $130 million on January 3, 2023. Under the terms of the agreement, the total purchase price includes $131 million in cash plus estimated closing cash of $0.2 million. if Closing Cash exceeds Estimated Closing Cash, then the Purchase Price will be increased by the amount of such excess and if Closing Cash is less than the Estimated Closing Cash, then the Purchase Price will be decreased by the amount of such deficit. $0.5 million is kept as Escrow amount for the Escrow agent, Computershare Trust Company for performing its services pursuant to the Escrow Agreement. The purchase price was funded through the existing revolving credit facility. In December 31, 2022, Metal-Fab reported a total assets of $36.2 million, total common equity of $18.5 million, total revenues of $95.5 million, EBIT of $16.9 million and net income of $16.5 million. Metal-Fab will continue to operate as Metal-Fab, an Olympic Steel company, led by Mark Ohm, President, Metal-Fab and his experienced management team. Hennepin Partners LLC acted as financial advisor to Janet A. Shannon and Kenneth F. Shannon and Copper Run Capital LLC acted as financial advisor to Olympic Steel. Matthew J. Miller of Katz Teller Brant & Hild acted as legal advisor to Metal-Fab and Matthew A. Heinle of Brennan Manna & Diamond LLC acted as legal advisor to Olympic Steel.

Olympic Steel, Inc. (NasdaqGS:ZEUS) completed the acquisition of Metal-Fab, Inc. from Janet A. Shannon and Kenneth F. Shannon on January 3, 2023. The purchase consideration consisted of $129.5 million, inclusive of cash acquired of $1.7 million. The acquisition was funded with borrowings under Olympic Steel's asset-based credit facility (ABL Credit Facility) of $625 million consisting of a revolving credit facility of up to $595 million, including a $20 million sub-limit for letters of credit, and a first in, last out revolving credit facility of up to $30 million.