Mueller Industries acquires Nehring for $575M in accretive acquisition

Mueller Industries announced that it has entered into a definitive agreement to acquire Nehring Electrical Works Company and certain of its affiliated companies for approximately $575M subject to customary purchase price adjustments, plus an additional $25M earn out. …For the twelve months ended December 31 Nehring’s annual net sales were approximately $400 million. Greg Christopher, Mueller’s CEO commented, “We are excited to welcome Nehring into our portfolio of companies. This acquisition provides a substantial platform for long-term growth in the electrical and power infrastructure space and complements the other critical infrastructure sectors we support. In addition to its operational culture, which is well aligned with our own, the addition of Nehring leverages our deep expertise in metals, particularly copper and aluminum extrusion, and provides synergies to both companies.” Christopher added, “The acquisition is expected to be accretive to our 2024 financial results. Moreover, Nehring’s attractive margin and cash flow profile, combined with significant investments that are underway, make it well positioned to benefit from the highly anticipated infrastructure investment cycle to come.” The acquisition, which will be funded with cash on hand, is expected to close during the second quarter of 2024, subject to regulatory approval and customary closing conditions. Mueller will retain significant cash reserves after the transaction to support additional growth opportunities.