CHICAGO and CLEVELAND, Nov. 15, 2016 /PRNewswire/ -- Brown Gibbons Lang & Company (BGL) is pleased to announce the sale of Independence Tube Corporation (ITC) to Nucor Corporation in a $435 million transaction. BGL's Metals team served as the exclusive financial advisor to ITC in the transaction.
Independence Tube Corporation is a leading manufacturer of hollow steel tubing used in a broad array of structural and mechanical applications including nonresidential construction, infrastructure, and agricultural and construction equipment end markets. Since its founding over 40 years ago, ITC has expanded its manufacturing footprint from a single 53,000 square foot facility to four facilities in Illinois and Alabama encompassing 1.7 million square feet of space dedicated to the production of tube and pipe products. The company is an industry leader in its primary product line, hollow structural section (HSS) steel tubing, holding the second largest market share nationally. With its broad product portfolio and comprehensive manufacturing capabilities, ITC is positioned as one of the only integrated, "one-stop" suppliers in the industry. The addition of ITC will establish a new growth platform for Nucor, expanding its value-added product offering. The acquisition will also allow Nucor to offer a wider selection of products to its fabricator and service center customers and strengthen its presence in the nonresidential construction market.