Commercial Metals Company today announced that it has successfully completed the acquisition of TAC Acquisition Corp. (Tensar) from Castle Harlan, a New York-based private equity firm, for a cash purchase price of $550 million, subject to customary purchase price adjustments.
Tensar is a leading global provider of innovative ground stabilization and soil reinforcement solutions, selling into more than 80 national markets through its two major product lines: Tensar geogrids and Geopier foundation systems. Geogrids are polymer-based products used for ground stabilization, soil reinforcement, and asphalt optimization in construction applications including roadways, public infrastructure, and industrial facilities. Geopier systems are ground improvement solutions that increase the load-bearing characteristics of ground structures and working surfaces, and can be applied in soil types and construction situations in which traditional support methods are impractical or would make a project infeasible.
"I am thrilled to welcome Tensar's 650 worldwide employees to Commercial Metals," said Barbara Smith, Chairman of the Board, President, and Chief Executive Officer. "This acquisition marks another important milestone in CMC's growth strategy, expanding the scope of products and services we can provide to our customers."
Rockefeller Financial LLC served as the exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to CMC for this transaction.