Berger Holdings, Ltd. Announces Acquisition of Copper Craft, Inc.
PHILADELPHIA--(BUSINESS WIRE)--April 3, 2000--Berger Holdings, Ltd. (NASDAQ: ``BGRH') announced that it has acquired Copper Craft, Inc., which is located in Keller, Texas, a suburb of Dallas.
Copper Craft specializes in the manufacture of high-end custom metal roofing products that will augment and expand the products currently offered by Berger. Copper Craft will continue operating at its current location.
The purchase was made with a combination of cash and note and closed on March 31, 2000. No equity was issued in this transaction.
Mr. Joseph F. Weiderman, President and COO, stated, ``This acquisition strengthens our position as the premier source for roof drainage products. We manufacture the most complete line of products in copper, aluminum, galvanized and painted steel. In addition to complementing our current line, Copper Craft provides us with a strategic location in the rapidly growing Southwestern section of the U.S. This acquisition is an integral part of our long-term goal of expanding our growing national exposure.'
Mr. Theodore A. Schwartz, Chairman and CEO of the Company, commented, ``During the last three years Berger will have completed four acquisitions. Revenue will have increased from $20.7 million in 1997 to $40 million for the year ending December 31, 1999. Cash flow generated from operations (EBITDA) has increased from $2.4 million to $4.6 million ($.85 per basic share) during the same period. Bank borrowing costs have gone from three and a quarter above prime to one-half below prime, and we are in the midst of a stock buy-back program.' He further stated, ``Management believes that these accomplishments have substantially increased the intrinsic (enterprise) value of our Company and we are confident that this increased value will be realized by our loyal shareholders.'
Berger Holdings, Ltd. is the parent company of Berger Bros Co., which was founded in 1874, and is a manufacturer of the most complete line of roof drainage products specializing in copper as well as residential and commercial snow guards. All of the Company's products are used in new construction, remodeling, and renovation markets. |
