Rytec Corp. to be acquired by Charlotte manufacturer for $565 million

Order Reprint

Jackson-based Rytec Corp., a manufacturer of commercial overhead doors, has entered into an agreement to be acquired for $565 million by Charlotte-based Nucor Corp.

Nucor Corp. and its affiliates are manufacturers of steel and steel products with facilities in the United States, Canada and Mexico.

The all-cash transaction represents approximately 12.5 times Rytecโ€™s estimated 2024 EBITDA.

- Advertisement -

โ€œWe are excited to work with the incredible team at Rytec. Their products are a natural platform for expanding Nucorโ€™s overhead door product suite,โ€ said Chad Utermark, executive vice president of new markets and innovation at Nucor. โ€œRytec has established itself as the premier brand in high-performance commercial doors, with a strong reputation for quality and best-in-class customer service. The combination of Rytec with C.H.I. Overhead Doors will create an overhead door platform that will deliver superior product breadth and solutions to Nucorโ€™s commercial customers.โ€

Rytec makes Spiral brand rigid rolling doors for warehouses, manufacturing facilities, auto dealerships, and parking garages, as well as durable fabric doors for cold storage/food and beverage, manufacturing, and clean room applications.

Rytec has approximately 300 employees working at its Jackson headquarters and Hartford plant. The Hartford location was recently transitioned into a smart factory after Rytec made the โ€œmost significantโ€ investment in its 38-year history.

- Advertisement -

โ€œRytec is a leader in high-performance commercial doors and serves several growing end-user markets. This acquisition further executes our strategy to expand beyond our core steelmaking businesses into related downstream businesses,โ€ said Leon Topalian, chair, president and chief executive officer at Nucor. โ€œAdding high-performance doors will create cross-selling opportunities with other Nucor businesses and greatly expand Nucorโ€™s product portfolio serving the commercial arena.โ€

Don Grasso and Fred Turner purchased Rytec in 1994.

โ€œI am thankful for having had the opportunity, along with our superb management team, to build the premier brand in high-performance commercial doors. I am eternally grateful for my father-in-law, Fred Turnerโ€™s, mentorship and Rytecโ€™s vice chairman, John Snyderโ€™s, friendship and guiding hand. Rytec has a strong cultural fit with Nucor, and it will be a great new home for Rytec,โ€ said Grasso, chairman and co-chief executive officer of Rytec. โ€œI am proud that Steve Ashmore, Rytecโ€™s president and co-chief executive officer, will continue to lead Rytec after the sale.โ€

What's New

BizPeople

Sponsored Content

BIZEXPO IS MAY 13 -  Register Now - Don't Miss Out!

Close the CTA

Holiday flash sale!

Limited time offer. New subscribers only.

Subscribe to BizTimes Milwaukee and save 40%

Holiday flash sale! Subscribe to BizTimes and save 40%!

Limited time offer. New subscribers only.