Russel Acquires City Pipe & Supply
By Metal Center News Staff
on Aug 19, 2019
Russel Metals Inc. will acquire the outstanding shares of City Pipe & Supply Corp. City Pipe & Supply is a supplier of pipes, valves and fittings to oil and gas companies in the Permian, Eagle Ford, Granite Wash, Barnett and Haynesville basins, which represent approximately 60 percent of active rigs in the United States.
City Pipe & Supply operates five distribution centers located in Odessa, Big Spring, Weatherford and Longview, Texas, plus Hobbs, N.M. The current management team will remain in place and Brett Lossin will continue to serve as president.
"We are extremely pleased to have entered into this agreement. City Pipe & Supply is both a strategic and cultural fit that affords us the opportunity to further expand our high-margin oilfield services business in the Permian basin,” said John Reid, president and CEO of Russel Metals.
“We are very excited to announce that we have entered into this agreement with Russel Metals. We believe that Russel will provide us with the platform for future growth benefiting both our employees and customers,” said Brett Lossin, president of City Pipe & Supply.
The deal is expected to close in the fourth quarter of 2019.