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 Rytec’s estimated 2024 EBITDA.
“We are excited to work with the incredible team at Rytec. Their products are a natural platform for expanding Nucor’s overhead door product suite,” said Chad Utermark, executive vice president of new markets and innovation at Nucor. “Rytec 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 Nucor’s commercial customers.”
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 “most significant” investment in its 38-year history.
“Rytec 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,” said Leon Topalian, chair, president and chief executive officer at Nucor. “Adding high-performance doors will create cross-selling opportunities with other Nucor businesses and greatly expand Nucor’s product portfolio serving the commercial arena.”
Don Grasso and Fred Turner purchased Rytec in 1994.
“I 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 Turner’s, mentorship and Rytec’s vice chairman, John Snyder’s, friendship and guiding hand. Rytec has a strong cultural fit with Nucor, and it will be a great new home for Rytec,” said Grasso, chairman and co-chief executive officer of Rytec. “I am proud that Steve Ashmore, Rytec’s president and co-chief executive officer, will continue to lead Rytec after the sale.”
