RPM International Inc. based in Ohio, has announced it has acquired Mount Airy-based Applied Polymerics, Inc. and Marketing Associates, Inc. (API/MAI), a specialist civil engineering and construction organization focusing on bridges, roads and major structures.
The North Carolina organization will become part of RPM’s Universal Sealants (U.K.) Limited (USL) business within the RPM Performance Coatings Group.
API/MAI manufactures, supplies and installs specialist construction products, including bridge expansion joints, concrete repair compounds, protective coatings and pavement preservation products.It has annual net sales of approximately $14 million.
Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
“RPM’s USL subsidiary, the U.K.’s leader in bridge expansion joint and bridge repair, has a wide range of products and know-how that will enable API/MAI to expand its reach and become a national player throughout the U.S. in compatible market spaces,” Frank C. Sullivan, RPM chairman and chief executive officer, said in a statement. “API/MAI’s historical track record with local Department of Transportation divisions will greatly accelerate acceptance in the market and provide the opportunity to sell high value, differentiated technologies to solve larger and more complex bridge and road repair needs.”
As is typical with many of RPM’s acquisitions, the existing management team, led by Jonathan Simmons and Mark O’Neal, will continue to lead the API/MAI organization, RPM said in its news release.
Image caption: Workers from Applied Polymerics Inc. & Marketing Associates Inc., a specialized civil engineering and construction company just acquired for an undisclosed sum by RPM International Inc., repair a bridge in the United Kingdom. API/MAI, based in Mount Airy, North Carolina, manufactures, supplies and installs specialized construction products, such as bridge expansion joints, concrete repair compounds, protective coatings, and pavement preservation products. It reported annual net sales of $14 million. (RPM International Inc.)