Alamo Closes Acquisition Of Units Of Specialized Industries

(RTTNews) - Alamo Group Inc (ALG), a maker of equipment for infrastructure maintenance and agriculture, said Tuesday it has completed the acquisition of the operating units of Specialized Industries LP, a portfolio company of ELB Capital Management LLC, for about $190 million, on a debt free basis and subject to certain post-closing adjustments.

Seguin, Texas-based Alamo said the acquisition includes the businesses of Super Products LLC, Wausau-Everest LP and Howard P. Fairfield LLC. Super Products is a maker of vacuum trucks and related equipment.

Wausau-Everest is a manufacturer of snow removal equipment and Howard P. Fairfield is a dealer/distribution operation primarily in the New England area. Together, the three businesses had net sales of $146.7 million in the fiscal year ending December 2013. The units in total have about 440 employees.

Ron Robinson, Alamo Group's CEO said, "We are pleased to complete this acquisition given its scale and the strategic opportunity it represents for Alamo."

In connection with the acquisition, Alamo expanded its revolving credit facility from $100 million to $250 million to accommodate. The credit facility also includes the opportunity to expand the borrowing capacity by up to $50 million to an aggregate size of $300 million.