U.S. Silica announces price increases on fine wohle grain silica products U.S. Silica said that its Industrial and Specialty Products business is increasing prices for the majority of its non-contracted fine whole grain silica sand products used primarily in glass melting furnaces and building products, an average of approximately twenty percent. The increases are effective with shipments after May 1st, or as contracts allow. The price increases are being made to support the continued investment the company is making in upgrading its capacity to meet the growing demand for its products and to reflect the tight supply/demand balance in the silica market.
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U.S. Silica to acquire Cadre Services for $98M cash U.S. Silica Holdings announced that it has signed a stock purchase agreement to acquire all of the outstanding shares of Cadre Services for approximately $98M in cash. Closing is expected by the end of the month. The purchase price of $98M, less the net present value of approximately $14M in deferred tax assets, results in $84M of net consideration. Adjusted LTM EBITDA of $11.1M represents a purchase price multiple of 7.6 times. Projected 2015 Adjusted EBITDA of approximately $18M after synergies and the benefit of a full year of sales from the March capacity expansion represents a purchase price multiple of 4.7 times. This would result in Adjusted EPS accretion of 11c-13c per share in 2015.