Hillman to acquire H. Paulin & Co.
The Hillman Cos. agreed to buy Toronto-based fastener distributor H. Paulin & Co. for $103.7 million (C$103 million).
“We are excited to become an integral part of the Hillman organization,” said Richard Paulin, who will continue as president of the new division of Hillman Canada. “This acquisition joins two great and complementary industry leaders with over 140 years of combined fastener knowledge.”
The transaction is expected to close in the first quarter of 2013.
The $103 million price tag represents a premium of about 116% of the 20-day volume weighted average price of the Paulin shares on the Toronto Stock Exchange as of Dec. 17.
Hillman CEO Max Hillman said the combined company will implement best practices of Paulin and Hillman “to better serve customers and to grow the combined operations throughout Canada.”
Cincinnati-based Hillman was founded in 1964 and began serving Canada in 2002. The company said it has more than 20,000 retail customers in the United States, Canada, Mexico, South America and Australia.