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Hill & Smith (LSE:HILS) announced on Tuesday the acquisition of Whitlow, a designer and manufacturer of structural steel and substation components for the U.S. electrical infrastructure market, for $30.2 million (£23 million).
Founded in 1963 and headquartered in Elberton, Georgia, Whitlow serves utility infrastructure needs across the Southeast U.S., focusing on states such as Georgia, North Carolina, South Carolina, Virginia, and Tennessee. The company reported unaudited revenue of $27.4 million and adjusted EBIT of $3.1 million for the 12 months ending December 31, 2023. As of the end of 2023, Whitlow’s gross assets were valued at $10.7 million.
The acquisition aligns with Hill & Smith’s strategy to expand its geographic presence in the U.S. and diversify its customer base. Whitlow will be integrated into the V&S Utilities Group within Hill & Smith’s Engineered Solutions division. This move builds on the company’s previous acquisition of Capital Steel in January 2024, further broadening Hill & Smith’s footprint in the U.S. and enhancing its market presence in the Southeast.
Bruce Whitlow, the current shareholder of Whitlow, will remain with the business post-acquisition. Hill & Smith’s Executive Chair, Alan Giddins, commented, “The acquisition of Whitlow is a strategic fit for Hill & Smith. The company operates in the high-growth U.S. electrical infrastructure sector, complementing our recent acquisition and integration of Capital Steel. This acquisition strengthens our presence in the Southeast U.S. market, and we are pleased to welcome Bruce Whitlow and his team to the group.”
This acquisition marks Hill & Smith’s fourth acquisition in 2024, reflecting its strategy to acquire businesses that are complementary and positioned within high-growth markets.