Harris Williams & Co. Advises Insteel Wire Products Company in its Purchase of Certain Assets of Ivy Steel & Wire, Inc.
Harris Williams & Co. announces that Insteel Wire Products Company (Insteel), a wholly-owned subsidiary of Insteel Industries, Inc. (Insteel; NasdaqGS: IIIN), has purchased certain of the assets of Ivy Steel & Wire, Inc. (Ivy). Harris Williams & Co. acted as the exclusive advisor to Insteel. The transaction was led by John Neuner, Chris Rogers, Doug Kinard and Matt McLain from the firm's Richmond office.
"The addition of Ivy's facilities to our existing geographic footprint enhances Insteel's competitiveness in the Northeast, Midwest and Florida markets in addition to providing a platform to serve west coast markets more effectively," commented H.O. Woltz III, Insteel president and chief executive officer. "We expect that the integration of Ivy will result in enhanced customer service capabilities and significantly lower operating costs."
"We are pleased to continue our long-term relationship with Insteel and to help them execute on the growth strategy for their business," said John Neuner, managing director at Harris Williams & Co. "The transaction represents a tremendous outcome for Insteel and we look forward to the sustained success of the company."
Insteel is one of the nation's largest manufacturers of steel wire reinforcing products for concrete construction applications. Insteel manufactures and markets PC strand and welded wire reinforcement, including concrete pipe reinforcement, engineered structural mesh (ESM) and standard welded wire reinforcement. Insteel's products are sold primarily to manufacturers of concrete products that are used in nonresidential construction. Headquartered in Mount Airy, NC, Insteel operates six manufacturing facilities located in the United States.
Ivy, a division of Oldcastle, Inc, the U.S. holding company of CRH PLC (NYSE: CRH), is one of the nation's largest producers of welded wire reinforcement and wire products for concrete construction applications. Ivy operates five facilities, which are located in AZ, FL, MO, PA and TX. In 2009, Ivy reported net sales of $104.3 million.