Colorado industrial metalworking company Dynamic Materials Corp. (www.dynamicmaterials.com) has bought DYNAenergetics, a German manufacturer of clad metal plates and various explosive-related oil field products.
Dynamic Materials valued the deal at $96.6 million, exclusive of transaction costs, and said the purchase was completed for $83.4 million in cash and 251,041 shares of Dynamic Materials common stock. Dynamic Materials stock closed on Thursday at $52.29 per share.
DYNAenergetics recorded sales of approximately $73.3 million for its fiscal year ended Sept. 30. Rolf Rospek, DYNAenergetics’ chief executive since 2001, will continue to serve in that position and was named to the Dynamic Materials board.
In connection with the deal, Dynamic Materials said it entered into a credit facility worth $100 million. The company said it borrowed about $65 million under the new facility to fund part of the purchase price.