Wilkinson Steel and Metals Inc. Enters Into an Agreement to Sell its Assets to Samuel, Son & Co., Limited

VANCOUVER, March 28, 2013 /CNW/ - Wilkinson announced today that it has reached an agreement to sell its assets to Samuel, Son & Co., Limited.  The transaction is expected to close late next month following regulatory approval.

Wilkinson is a steel and metal service center business that is aligned to the natural resource based economies of the three Western provinces, dealing directly with the forestry, mining, and shipbuilding industries in British Columbia, oil, gas, and mining in Alberta, and agriculture, mining, and oil & gas in Saskatchewan. Wilkinson offers a full range of products, processing services and delivery capabilities to companies directly engaged in the natural resource industries. Wilkinson is currently owned by the international private equity group Nova Capital. Nova Capital acquired the business in 2011 as part of a portfolio of five industrial businesses previously owned by Amalgamated Metal Corporation Plc.

Bill Hughes, President of Wilkinson stated that "the acquisition by Samuel provides an excellent strategic and geographic fit that will best serve the interests of Wilkinson's existing customers, suppliers and employees, generating new opportunities and profitable growth."

Samuel and Wilkinson maintain complimentary product lines with minimal customer and product overlap which management believes will provide a well-suited long term strategic home for Wilkinson after many years of ownership by financial investors.

Wayne K. Bassett, President and CEO of Samuel commented on the deal saying, "Wilkinson has been one of the key service centers in Western Canada for over 100 years.  We are extremely pleased to be acquiring a Company with an excellent product offering that is mainly complimentary to Samuel's product line.  The acquisition also adds bars and structurals to Samuel's current product offering.  We are also pleased to be adding a strong team of employees to our Western Canadian Service Center network".

Samuel is the 5^th largest processor and distributor of carbon steel, stainless steel, and aluminum in North America and has over 100 strategically located steel service centers and manufacturing facilities.

SOURCE: Wilkinson Steel and Metals Inc.