AUBURN HILLS, Mich.—Unique Fabricating Inc. has acquired Canadian automotive adhesive supplier Intasco Corp. for nearly $21.8 million.
Unique formed a subsidiary, Unique-Intasco Canada Inc., to acquire Intasco's Canada operations for $21 million and used another subsidiary, Unique Fabricating NA Inc., to acquire Intasco's U.S. operations, Intasco USA Inc., for $790,000. The deal was financed by the refinancing of an existing $30 million revolving credit from Citizens Bank and a $17 million loan to Unique Fabricating NA and a $15 million loan to Unique-Intasco Canada.
“This strategic, highly synergistic and accretive acquisition significantly broadens our solution offerings, production capabilities, and expands our reach in our existing markets, as well as certain adjacent, markets,” Unique Fabricating CEO John Weinhardt said in a news release. “This acquisition is representative of our strategy to acquire profitable companies that add new markets, products and processes that enable us to recognize sales efficiencies and expand our scale.”
Intasco reported net income of $2.6 million on revenue of $17.8 million from February 2015 through January 2016.