Geosynthetics, erosion and sediment control materials distributor Hanes Geo Components announced Nov. 21 it has reached an agreement to acquire the majority of business and assets of Nilex Inc. and its wholly owned subsidiary Nilex USA Inc. Details of the pending transaction were not disclosed. Hanes Geo Components is a subsidiary of diversified manufacturer Leggett & Platt.
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Under the proposed agreement, Nilex’s Canadian operations would be consolidated under Terrafix Geosynthetics, a subsidiary of Hanes Geo Components, according to a news release.
“Nilex has long been a leading distributor of geosynthetics in Western Canada,” Terrafix President David Fuerth said. “We are excited to join forces and to provide the Nilex team a stable foundation from which to revitalize their growth efforts.”
Nilex’s U.S. operations will be consolidated under Hanes Geo Components.
“Leggett & Platt have demonstrated a commitment to a sustained growth strategy within our industry,” Nilex CEO Trevor Derksen. “With Leggett & Platt support, Hanes is an ideal strategic buyer for Nilex. We are excited about the prospects of moving forward working with the Hanes and Terrafix teams. It’s been a pleasure getting to work with the entirety of the Leggett & Platt teams, and we are excited about what the future holds.”