Media Release – Nix Metals Announces Agreement to Acquire Superior Fabrication, Inc.
POSEYVILLE, IN (December 19, 2017)
POSEYVILLE, IN- Today, Nix Metals, a subsidiary of Nix Companies Inc., announced that it has entered into a definitive agreement to acquire Superior Fabrication Inc., a Rockport, IN based company with more than twenty years of service, providing structural steel fabrication to the commercial construction and heavy industrial markets. Superior Fabrication will become an independent division of Nix Metals and continue to serve its growing customer base from its Rockport, IN facility.
Superior Fabrication was founded in 1997 by Curtis Drake of Owensboro, KY. He has been a native of the area his entire life and has enjoyed serving the tri-state community through his business. Drake will remain under contract with Nix as the division’s Operations Manager for at least a three- to five-year period.
Superior Fabrication supplies fabricated steel across the Midwest, but some noteworthy local projects include Tri-State Orthopedics, USI Convention Center, Springs Health Center of Owensboro, Daviess County Library, Vincennes University, Deaconess Hospital, University of Evansville, and the Evansville Airport. Superior produces its steel via three CNC (computer numerical controlled) processing lines. This automation allows the company to generate high quality fabrication at lower costs than many of its competitors.
Curtis Drake offered the following statement regarding the transaction: “Since I started Superior Fabrication in 1997, I have put my heart and soul into every project that went through the doors. I feel comfortable knowing that we are turning Superior Fabrication over to a company that will do the same. I wasn't out there shopping for someone to buy my business, but when they came along and we got to know them and they got to know us, we knew that this is God’s plan. It has been a great 20 years, some ups and downs, but the ups outweigh the downs by far. I'm excited to have the opportunity to participate in what the next generation will do to grow and expand what I started.”
To learn more about Superior Fabrication, visit www.sfabinc.com.
Nix Companies is a group of small businesses combined to form a synergistic portfolio company, specialized in industrial product sales, manufacturing, and maintenance contracting. Nix Companies was founded in Poseyville, IN in 1902 by Charles Nix, the great-great-grandfather of current fifth generation principal owners Matthew and Adam Nix.
Matthew Nix, President of Nix Companies, Inc. offered the following statement about the acquisition: “We’ve had opportunities to make other strategic acquisitions in our space, but there were several factors that ultimately led us to choose this deal. Primarily, there are strong operational synergies between the two companies. While we excel in the industrial market, Superior excels in the commercial construction market. Where we are stronger in design to build and heavily customized fabrication, they excel in larger runs of structural fabrication. Additionally, our coatings company, Nix Coatings, currently provides powder coating and heavy industrial coatings which will complement Superior’s services. The Drake family was another important factor in this acquisition. Having taken the time to get to know them, I have seen how well they align with Nix Companies in terms of their core values, leadership quality, and most importantly, genuine care for their team members. I am tremendously honored that they felt we were the best team to carry on that torch. Curtis and I click very well, and we are both confident that our management teams will work well together. That’s vital in these kinds of integrations. I also feel great about carrying on the Superior name and reputation for honesty, quality, and competitiveness that Curtis has worked so hard to build over the past 20 years in his market. Lastly, we chose to invest in Superior because of their technology, both in the shop and in the office. In 1942, my great grandfather, a lifelong blacksmith, bought our company’s first welding machine. Just as he did then, we must continue to innovate. One of my primary goals as the leader of this organization is getting us to the sixth generation and giving them the best chance to succeed. In today’s hyper-change environment, embracing technology and automation is a huge part of that.”
To learn more about Nix Companies, visit www.nixcompanies.com.
The financial terms of the transaction were not disclosed. Nix stated that there are 4 open positions currently at Superior Fabrication, and hopes to add several more positions over the next year due to growth. The acquisition is subject to customary closing conditions and is expected to close at the end of the month.