Key transactions & industry news Weekly Update 02/07/2025
Recent M&A Transactions
Metals & Mining
Feb. 5, 2025 – Standex International Corporation (NYSE:SXI) acquired McStarlite Co., a leading provider of complex sheet metal aerospace components, for ~$56.5M in cash, financed from Standex’s existing revolver. (PR Newswire)
Feb. 4, 2025 – Architect Equity, a private equity group focused on the lower middle market, completed its acquisition of Gibbs Die Casting Corporation, a leading manufacturer of precision die-casted, machined and assembled products for the automotive and industrial markets, from Koch Enterprises, Inc. (Business Wire)
Feb. 4, 2025 – Pilbara Minerals Limited (ASX: PLS), an Australian-based global leading lithium producer, completed its acquisition of Latin Resources (ASX: LRS). (PLS)
Feb. 3, 2025 – R&B Wagner, Inc. acquired Midwest Stairs and Iron, Inc., which is renowned for its expertise in pre-fabricated, bolt-on aluminum balconies, steel stairs and miscellaneous metals. This acquisition is a strategic move to enhance Wagner’s manufacturing capabilities and drive further growth opportunities. (Wagner)
Jan. 31, 2025 – Nippon Steel Corporation (TSE: 5401) has launched a $456M tender offer to acquire Sanyo Special Steel (TSE: 5481). Nippon Steel offered $17.78 a share, or a 37% premium over Sanyo Special Steel’s closing price on Jan 31, 2025. (Reuters)
Transportation & Logistics
Feb. 5, 2025 – Waséyabek Development Company, the economic development arm of the Nottawaseppi Huron Band of the Potawatomi, acquired Holland, MI-based Great Lakes Warehousing and 156 acres of its surrounding property in Allegan County near the junction of I-196 and M-40. (MLive)
Feb. 3, 2025 – Hellmann Worldwide Logistics acquired all shares in HPL Apollo, its perishable logistics joint venture previously co-owned with Mercury Aviation. HPL Apollo specializes in the transportation of perishable goods by air, sea, and road. The takeover of the remaining 50% of shares held by Mercury Aviation follows 12 years of successful collaboration between the two entities. (Hellmann)
Feb. 3, 2025 – Arvato, an innovative, tech-focused global logistics service provider specialized in supply chain management and e-commerce, acquired Carbel LLC and United Customs Services. Carbel is a full-service 3PL provider serving national and international clients across various industries, with a strong focus on fashion and retail. United Customs Services offers complete import and export solutions delivering a high-quality service. (AJOT)
Jan. 29, 2025 – Forest River Bus & Van, North America’s number one shuttle bus and van manufacturer, acquired L.A. West Coaches, a leader in lifestyle enhanced luxury coach design. (Forest River Bus)
Building Products & Materials
Feb. 4, 2025 – Allegion plc (NYSE: ALLE), a leading global security products and solutions provider, acquired Next Door Company. Based in Miami, Florida, and founded in 1993, Next Door is a manufacturer of stainless steel and hollow metal doors, specializing in custom configurations for industrial, commercial and institutional buildings. (Business Wire)
Feb. 4, 2025 – Builders FirstSource (NYSE: BLDR) acquired PA-based O.C. Cluss Lumber & Building Supplies, which operates four locations in Pennsylvania, Maryland and West Virginia. (HBS Dealer)
Feb. 3, 2025 – Construction Partners, Inc. (NASDAQ: ROAD), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways in local markets across the Sunbelt, acquired Mobile Asphalt Company LLC, an asphalt manufacturing and paving company headquartered near Mobile, Alabama. In connection with the transaction, the Company added five hot-mix asphalt plants and related crews and equipment serving the greater Mobile and southwestern Alabama market areas. (Construction Partners)
Feb. 3, 2025 – Carlisle Companies Incorporated (NYSE: CSL) completed its acquisition of TX-based expanded polystyrene insulation manufacturer ThermaFoam. (Business Wire)
Jan. 30, 2025 – Curtis Lumber acquired JAY-K Independent Lumber Corp. (HBS Dealer)
Energy
Jan. 27, 2025 – Diversified Energy Company PLC (NYSE: DEC) will acquire private equity-owned Maverick Natural Resources for $1.28B. (Reuters)
Feb. 6, 2025 – Altus Power, Inc. (NYSE: AMPS), the largest owner of commercial-scale solar in the US, has entered into a definitive agreement to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy for ~$2.2B. (Business Wire)
Jan. 31, 2025 – Unitil Corporation (NYSE: UTL) completed its acquisition of Bangor Natural Gas Company from PHC Utilities, Inc., a subsidiary of Hope Utilities, Inc. (Unitil Corporation)
Jan. 31, 2025 – ONEOK, Inc. (NYSE: OKE) completed its acquisition of EnLink Midstream, LLC, which provides integrated midstream infrastructure services for natural gas, crude oil, and NGLs, as well as CO2 transportation for carbon capture and sequestration (CCS). (ONEOK)
Others
Feb. 5, 2025 – Tempur Sealy International, Inc. (NYSE: TPX) completed its acquisition of Mattress Firm Group Inc., the nation’s largest mattress specialty retailer. (Tempur Sealy)
Top News Stories
Metals & Mining
Tariffs give U.S. steelmakers a green light to lift prices. The Trump administration’s tariff on aluminum from Canada and Mexico will get absorbed in the U.S. through a delivery surcharge attached to all aluminum transactions. The higher charge could be a windfall for U.S. aluminum companies that don’t have to pay the tariff but get to collect a higher delivery premium from customers as if they did.
Glencore hits back: poaches alumina trader Zach Mayer from Gunvor in talent war. After losing its aluminum segment trader to Vitol, Glencore replenishes its alumina trading segment with a new joinee from Guvnor. The latter entity’s alumina trader, Zach Mayer, is leaving his position to join Glencore Plc on May 1, 2025.
Reducing renewable energy storage costs with batteries is Rio Tinto’s latest area of R&D at Queensland smelter. Rio Tinto, a British-Australian multinational company and the world’s second-largest metals and mining corporation, is experimenting with reducing energy storage costs in a bid to reserve abundant amounts of intermittent renewables to feed smelters with the seamless electricity supply they need. The company believes installing batteries at its Queensland aluminum smelter can play a crucial role in achieving the new goal.
Transportation & Logistics
Werner optimistic after tough Q4. Revenue per truck per week increased by 5.1% in Q4 and 6.4% for the year due to pricing discipline, better freight options, and execution. One-Way rate improved over 300 basis points YoY and sequentially during Q4 due to focus and intentionality to influence rate lift. One-Way freight conditions in Q4 were seasonally better than expected and peak revenue outpaced the prior year. Trucking revenue net of fuel was $170 million in Q4, a decrease of 5% YoY. The Company anticipates a challenging but improving environment in 2025.
XPO shares up on strong Q4 financial performance. Less-than-truckload carrier XPO reported another strong financial performance at the bottom of the cycle. Shares of the company’s stock surged 8.8% in midday trading Thursday after stepping higher on Wednesday following a better-than-expected report from a competitor. XPO (NYSE: XPO) recorded 260 basis points of operating ratio (inverse of operating margin) improvement during 2024 while the rest of the industry saw margin deterioration. XPO also guided to 150 bps of year-over-year OR improvement in 2025.
Weekly US rail traffic back ahead of 2024 levels. According to the Association of American Railroads, traffic for the week ending Feb. 1 included 513,622 carloads and intermodal units, a 4.5% increase from the same week in 2024. That gain followed a 2.5% decline a week earlier. The overall figure included 222,071 carloads, down 0.1% from the corresponding week in 2024, and 291,551 containers and trailers, up 8.2%. Overall volume, through five weeks of 2025, shows carload traffic up 0.2% from the same period a year ago, while intermodal volume is up 10.3%. The combined volume shows a 5.6% increase from the first five weeks of 2024.
Energy
Oil set for third straight weekly decline amid tariff concerns. Oil prices rose on Friday after new sanctions were imposed on Iran’s crude exports but were on track for a third straight week of decline, hurt by Donald Trump’s renewed trade war on China and threats of tariffs on other countries. Brent crude futures were up 42 cents, or 0.6%, at $74.71 a barrel at 1300 GMT, but were poised to fall 2.6% this week. U.S. West Texas Intermediate crude was up 39 cents, or also 0.6%, to $71 a barrel, down 2% on a weekly basis.
Others
US consumer sentiment drops as inflation expectations surge. US consumer sentiment dropped unexpectedly in February to a seven-month low and inflation expectations rocketed as households feared it may be too late to avoid the negative effects on their purchasing power from President Donald Trump’s threatened tariffs. The University of Michigan Surveys of Consumers on Friday said its Consumer Sentiment Index dropped to 67.8 from January’s final reading of 71.1, which was also the consensus expectation among economists.
About RJM
RJM & Company is a specialized M&A and capital markets advisory investment bank. We provide boards and management teams of public and private companies with independent advice and expertise in a variety of sectors including road, rail and marine transportation, infrastructure, chemicals, energy, metals and mining, manufacturing, building materials, and other coverage areas of the industrial complex. RJM advises clients on all aspects of transactions including timing, structure, and pricing. RJM originates opportunities and helps negotiate and execute transactions already under evaluation.