Harmos Horton Lusk is pleased to be advising ASX and NZX-listed steel and metal processor Vulcan Steel Limited on its NZ$88 million acquisition of Roofing Industries Limited and on its A$87.1 million equity capital raise to fund the acquisition.
Roofing Industries is one of New Zealand’s leading suppliers of roll-formed roof and cladding products, and its acquisition marks a strategic milestone for Vulcan Steel, representing Vulcan Steel’s entry into another new market vertical. Roofing Industries operates from 15 locations across New Zealand, with 10 branches situated in the North Island and five in the South Island. These sites will immediately enhance Vulcan’s operational footprint.
The equity capital raise is being undertaken by way of a pro-rata accelerated renounceable entitlement offer that is fully underwritten by Barrenjoey and Forsyth Barr.
The Harmos Horton Lusk team that is advising on the transaction is led by directors Tim Mitchelson and Annie Steel and Senior Associate Matthew Wentz, and includes associates Kelsey Haub and Sam Baker.