Russel Metals recently announced it has entered into a stock purchase agreement to acquire all the outstanding shares of City Pipe & Supply Corp., for about $160 million. City Pipe & Supply’s revenues were about $275 million during its last fiscal year.
Founded in 1942, City Pipe & Supply supplies pipe, valves and fittings to oil and gas companies in the Permian, Eagle Ford, Granite Wash, Barnett and Haynesville basins, which collectively represent about 60% of the active rigs in the United States. City operates five distribution centers located in Odessa, Big Spring, Weatherford and Longview, Texas, and Hobbs, New Mexico. The current management team will remain in place and Brett Lossin will continue to serve as president.