M&A - ASCENT INDUSTRIES CO.

Form Type: 8-K

Filing Date: 2025-04-08

Corporate Action: Acquisition

Type: Update

Accession Number: 000009595325000019

Filing Summary: On April 4, 2025, Ascent Industries Co. entered into a Limited Consent, Fourth Amendment to Credit Agreement with BMO Bank N.A. This amendment includes a consent for the divestiture of Bristol Metals, LLC (BRISMET), which has been removed as a loan party. Additionally, the maximum revolving loan commitment under the credit facility was reduced from $60 million to $30 million, with an interest margin ranging from 1.85% to 2.35%. On the same date, Ascent and Store Master Funding XII, LLC also amended their Master Lease Agreement to remove the BRISMET facility. The document outlines the completion of an acquisition of substantially all of BRISMET's assets by Bristol Pipe and Tube, Inc., with a transaction value of approximately $45 million. Closing adjustments apply, and a Transition Services Agreement was established for transitional support. A press release on April 7, 2025, communicated the completion of this acquisition, further detailed in attached exhibits to the report.

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Form Type: 8-K

Filing Date: 2025-03-13

Corporate Action: Acquisition

Type: New

Accession Number: 000009595325000011

Filing Summary: On March 12, 2025, Ascent Industries Co. and its subsidiaries, Synalloy Metals, Inc. and Bristol Metals, LLC, entered into an Asset Purchase Agreement to sell substantially all of the assets of Bristol Metals to Bristol Pipe and Tube, Inc. for approximately $45 million in cash, subject to closing adjustments. The transaction is expected to close on March 31, 2025. Alongside the sale, a Transition Services Agreement has been established to provide certain services to the purchaser following the closing.

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