Myers buys composite mat maker Signature Systems

AKRON—In a $350 million deal, plastics processor and rubber equipment distributor Myers Industries Inc. is acquiring Signature Systems Group L.L.C., a maker of composite mats and flooring based in Flower Mound, Texas.

In a Jan. 2 news release, officials with Myers in Akron, Ohio, said the deal "bolsters (the firm's) margin and profitability profile and provides an attractive platform for continued growth." The acquisition will deliver $8 million in annualized operational and cost synergies by 2025, they added.

Signature "aligns extremely well with our targeted acquisition criteria," Myers CEO Mike McGaugh said. He added that the firm "has a leading market position, with branded and differentiated products serving fast-growing end markets."

"Signature provides Myers an attractive complementary platform for long-term growth driven by worldwide investments in infrastructure over the next decade," McGaugh said.

Signature's production operations are in Orlando, Fla. Officials said the firm's products are complementary to those sold by Myers.

Signature is a leading manufacturer and distributor of high-quality, branded composite ground protection products and is also a leading provider of turf protection solutions for stadiums and event venues in North America.

Products made by Signature include composite mats sold under the Megadeck, Duradeck, Signaroad and Omnideck trade names, as well as Matrax-brand flooring systems and Eventdeck-brad event flooring. The firm was founded in 1998 in New York as a maker of fencing products.

Signature was sold to Linsata Capital Partners of Cleveland in 2013. Linsata then sold the business to Center Rock Capital Partners of Bloomfield Hills, Mich., in 2019. Signature has supplied products for four Olympic Games, most recently the 2020 Tokyo Olympics. The firm also provided products for the 2022 FIFA World Cup in Qatar.

In 2023, Signature posted sales of $122 million, operating profit of $24 million and adjusted EBITDA of $44 million. Signature CEO Jeff Condino said in the release the firm's business "continues to benefit from powerful tailwinds in infrastructure investments."

"Our highly engineered ground protection products are well positioned for continued growth due to the conversion from wood products to composite matting solutions," he added. The transaction is expected to close in the first quarter of 2024 and will be financed through a new $350 million credit facility.

Myers posted sales of almost $900 million in 2022. The firm ranks as the second-largest rotomolder in North America, according to the latest ranking by Plastics News. Myers also does custom molding and makes returnable packaging, storage and safety products and, in the U.S. market, owns the largest tire repair supply distribution business.