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McNICHOLS

Full company profile

uuid0000ueh

Namestring
McNICHOLS
Legal namestring
McNICHOLS CO.
Websiteurl
mcnichols.com
Company typeenum
Private
Founded yearint
1952
Descriptiontext

McNICHOLS CO. is a U.S. specialty metals and fiberglass products distributor founded in 1952 and headquartered in Tampa, Florida. The company operates 19 Metals Service Centers across the United States — branded collectively as the 'Hole Network' — distributing perforated metal, expanded metal, wire mesh, bar grating, plank grating, and fiberglass grating in materials ranging from aluminum and carbon steel to stainless steel and plastic. McNICHOLS also offers designer metals, trench drain systems, stair treads, ladder rungs, decking and flooring, and structural shapes, supported by ISO 9001:2015 quality certification.

The company's business model combines physical distribution with value-added services: products are cut to customer specifications, fabricated (cutting, welding, fastening), finished (hot-dipped galvanizing, powder coating), and shipped same-day from local service centers, with quote-based pricing, online ordering, and dedicated phone/email sales support. Revenue is generated through one-time product sales plus professional services tied to customization, blueprint takeoffs, designer services, and packaging/logistics. The customer base spans eight verticals — distribution, construction, fabrication, manufacturing, energy, agriculture, data centers, and architecture — with primary emphasis on construction and fabrication end markets.

McNICHOLS was family-owned for 73 years before receiving an investment from One Equity Partners in October 2025, which is intended to accelerate strategic expansion and support both organic and inorganic growth initiatives. The company has 251–500 employees, maintains registered trademarks including The Hole Story® and Inspired to Serve®, and operates a quote-driven, sales-led go-to-market supported by e-commerce functionality on mcnichols.com.

Short descriptiontext

McNICHOLS is a U.S. specialty metals and fiberglass products distributor operating 19 Metals Service Centers nationwide, serving construction, fabrication, manufacturing, and industrial customers with perforated metal, expanded metal, wire mesh, grating products, and value-added fabrication and finishing services.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
251–500
akta.pro rankint
HeadquartersTampa, United States
HQ citystring
Tampa
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Offices19 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
specialty metals distribution, perforated metal products, bar grating supplies, fiberglass grating products, metal fabrication services
NAICS code1 code
  • Metal Service Centers and Other Metal Merchant Wholesalers423510
SIC code2 codes
  • Wholesale-Industrial Machinery & Equipment5084
  • Wholesale-Hardware & Plumbing & Heating Equipment & Supplies5070
Product category
Specialty Metals and Fiberglass Products Distribution
GTM motion1 record

Each record includes

Type, Description, Source

Revenue model2 records
1Specialty Metals Distribution
TypeOne Time License
Description

McNICHOLS generates revenue through the distribution of specialty metals and fiberglass products including perforated metal, expanded metal, wire mesh, bar grating, plank grating, and fiberglass grating. Revenue is derived from product sales with customization services including cut-to-size, fabrication, and finishing.

mcnichols.com
2Value-Added Services
TypeProfessional Services
Description

Additional revenue streams from metal fabrication services (cutting, welding), metal finishing (hot-dipped galvanizing, powder coating), custom solutions, designer services, blueprint takeoffs, and packaging/logistics services.

mcnichols.com
Marketing channels5 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels5 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales
Pricing details1 tier
1Standard product catalog with customization options
ModelUnit PricingBilling cadencePay-as-you-go
Notes

Products are priced per unit based on material type, gauge, size, and quantity. Custom cut-to-size orders and special finishes affect pricing. Volume discounts may be available through quote process.

mcnichols.com
GTM typeB2B
B2B
Offering typeHardware or Manufacturing
Hardware or Manufacturing
Brand1 of 6 records shown
1The Hole Story®
Description

Brand narrative about Bob McNichols' survival and how he grew McNICHOLS from a small family business into an industry leader.

mcnichols.com
+5 more records
Core offering1 text field

McNICHOLS is the largest U.S. distributor of specialty metals and fiberglass products, carrying perforated metal, expanded metal, wire mesh, bar grating, plank grating, and fiberglass grating in thousands of patterns, gauges, and materials. Products are stocked in cut-to-size, finished, or custom configurations and ship same-day through 19 Metals Service Centers, complemented by value-added fabrication, metal finishing, custom solutions, designer services, takeoffs/drawings, and packaging/logistics services.

Differentiator
Functional benefit
Problem solved
Product overview1 text field

McNICHOLS is a specialty metals and fiberglass products distributor offering a comprehensive portfolio of hole products through a network of 19 Metals Service Centers nationwide. The core product lines include Perforated Metal (Round, Square, Slotted, Hexagonal, Designer), Expanded Metal (Flattened, Standard, Grating, Catwalk Grating), Wire Mesh (including ECO-MESH®), Bar Grating (SD/HD Welded, Swage-Locked, Press-Locked, Clinched), Plank Grating (including GRIP STRUT®), and Fiberglass Grating (Molded, Pultruded). Supporting products include Designer Metals, Trench Drains, Stair Treads, Ladder Rungs (including TRACTION TREAD™), Decking & Flooring (SAFEDECK®), Structural Shapes, and Accessories (Flat Bar, U-Edging, Framing solutions). Value-added services encompass Metal Fabrication (cutting, welding), Metal Finishing (galvanizing, powder coating), Custom Solutions, Designer Services, Takeoffs & Drawings, and Packaging & Logistics. The company operates under 'Inspired to Serve®' brand ethos and follows ISO 9001:2015 quality management standards.

Product and service1 record
1Perforated Metal
Scale indicator5 records

Each record includes

Type, Value, Description, Source

Recent move5 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight6 records

Each record includes

Type, Description

Peers10 records
TypeDirect peer
Description

US metals service center operating multiple steel processing and distribution facilities. Comparable to McNICHOLS in flat-rolled and specialty metal distribution, value-added processing, and customer base in fabrication and manufacturing.

TypeBroad incumbent
Description

Largest metals service center operator in North America, offering carbon steel, aluminum, stainless, and specialty products through 300+ locations. Comparable to McNICHOLS in core metal distribution and value-added processing but at vastly larger scale and broader product scope.

TypeBroad incumbent
Description

Public metal service center company distributing carbon, stainless, aluminum, and specialty products across North America with extensive processing capabilities. Closely comparable to McNICHOLS in product breadth, customer segments (construction, fabrication, industrial), and value-added service model.

TypeDirect peer
Description

Global multi-metal distributor with strong US presence offering steel, aluminum, and specialty products plus processing services. Direct competitor to McNICHOLS in the metal service center space, serving overlapping construction, fabrication, and industrial customers.

TypeBroad incumbent
Description

Manufacturer and distributor of steel processing, pressure cylinders, and specialty metal products. Comparable to McNICHOLS as a metals industry incumbent with overlapping construction and industrial end-markets, though Worthington's portfolio is broader.

TypeDirect peer
Description

Small-quantity metal supplier with 100+ franchised locations across North America serving walk-in customers and small businesses. Direct peer to McNICHOLS in the specialty metal retail/service-center model with cut-to-size and same-day service, though smaller-scale and more SMB-focused.

TypeEmerging player
Description

E-commerce-first metal distributor offering small-quantity orders of specialty metals with nationwide shipping. Emerging competitor to McNICHOLS in digital channels and small-volume specialty metal sales, with overlapping perforated metal, expanded metal, and grating products.

TypeDirect peer
Description

Multi-location specialty metal service center distributing sheet metal, grating, and structural products with cut-to-size and same-day pickup services. Comparable to McNICHOLS in inventory breadth, walk-in service center model, and focus on perforated/grating products.

TypeBroad incumbent
Description

Large plumbing, HVAC, and industrial products distributor with metals product lines serving contractors and industrial customers. Broadly comparable to McNICHOLS in B2B distribution, value-added services, and US service center footprint, though metals is a smaller part of Ferguson's portfolio.

TypeEmerging player
Description

Online metal service center offering quick-cut aluminum, steel, stainless, and specialty products with nationwide delivery. Emerging competitor overlapping McNICHOLS in e-commerce ordering, cut-to-size service, and small-to-mid volume specialty metal fulfillment.

Market position
Strengths5 records

Each record includes

Headline, Details, Source

Weaknesses5 records

Each record includes

Headline, Details, Source

Competitive moat4 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights7 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers1 record

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment8 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile8 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature4 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles1 record

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
Compliance1 record

Each record includes

Name, Class, Description

Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds1 record

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors1 record

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

McNICHOLS

Specialty Metals and Fiberglass Products Distributionmcnichols.com

McNICHOLS is a U.S. specialty metals and fiberglass products distributor operating 19 Metals Service Centers nationwide, serving construction, fabrication, manufacturing, and industrial customers with perforated metal, expanded metal, wire mesh, grating products, and value-added fabrication and finishing services.

What McNICHOLS does

McNICHOLS CO. is a U.S. specialty metals and fiberglass products distributor founded in 1952 and headquartered in Tampa, Florida. The company operates 19 Metals Service Centers across the United States — branded collectively as the 'Hole Network' — distributing perforated metal, expanded metal, wire mesh, bar grating, plank grating, and fiberglass grating in materials ranging from aluminum and carbon steel to stainless steel and plastic. McNICHOLS also offers designer metals, trench drain systems, stair treads, ladder rungs, decking and flooring, and structural shapes, supported by ISO 9001:2015 quality certification.

The company's business model combines physical distribution with value-added services: products are cut to customer specifications, fabricated (cutting, welding, fastening), finished (hot-dipped galvanizing, powder coating), and shipped same-day from local service centers, with quote-based pricing, online ordering, and dedicated phone/email sales support. Revenue is generated through one-time product sales plus professional services tied to customization, blueprint takeoffs, designer services, and packaging/logistics. The customer base spans eight verticals — distribution, construction, fabrication, manufacturing, energy, agriculture, data centers, and architecture — with primary emphasis on construction and fabrication end markets.

McNICHOLS was family-owned for 73 years before receiving an investment from One Equity Partners in October 2025, which is intended to accelerate strategic expansion and support both organic and inorganic growth initiatives. The company has 251–500 employees, maintains registered trademarks including The Hole Story® and Inspired to Serve®, and operates a quote-driven, sales-led go-to-market supported by e-commerce functionality on mcnichols.com.

McNICHOLS firmographics

Firmographics
Name
McNICHOLS
Legal name
McNICHOLS CO.
Website
https://mcnichols.com
Company type
Private
Founded year
1952
Operating status
Operating
Headcount range
251–500 employees
Short description
McNICHOLS is a U.S. specialty metals and fiberglass products distributor operating 19 Metals Service Centers nationwide, serving construction, fabrication, manufacturing, and industrial customers with perforated metal, expanded metal, wire mesh, grating products, and value-added fabrication and finishing services.
Ownership category
akta.pro rank

Where McNICHOLS is headquartered

Location

Headquarters

HQ city
Tampa
HQ country
United States
HQ region
North America

Offices19 records

Markets served

McNICHOLS business model

Business model
GTM type
B2B
Offering type
Hardware or Manufacturing
Cost components
Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

  1. Specialty Metals Distribution: McNICHOLS generates revenue through the distribution of specialty metals and fiberglass products including perforated metal, expanded metal, wire mesh, bar grating, plank grating, and fiberglass grating. Revenue is derived from product sales with customization services including cut-to-size, fabrication, and finishing.
  2. Value-Added Services: Additional revenue streams from metal fabrication services (cutting, welding), metal finishing (hot-dipped galvanizing, powder coating), custom solutions, designer services, blueprint takeoffs, and packaging/logistics services.

Pricing tiers

ModelBillingPrice
Unit PricingPay-as-you-goStandard product catalog with customization options

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

McNICHOLS product offering

Product offering

Core offering

McNICHOLS is the largest U.S. distributor of specialty metals and fiberglass products, carrying perforated metal, expanded metal, wire mesh, bar grating, plank grating, and fiberglass grating in thousands of patterns, gauges, and materials. Products are stocked in cut-to-size, finished, or custom configurations and ship same-day through 19 Metals Service Centers, complemented by value-added fabrication, metal finishing, custom solutions, designer services, takeoffs/drawings, and packaging/logistics services.

Product overview

McNICHOLS is a specialty metals and fiberglass products distributor offering a comprehensive portfolio of hole products through a network of 19 Metals Service Centers nationwide. The core product lines include Perforated Metal (Round, Square, Slotted, Hexagonal, Designer), Expanded Metal (Flattened, Standard, Grating, Catwalk Grating), Wire Mesh (including ECO-MESH®), Bar Grating (SD/HD Welded, Swage-Locked, Press-Locked, Clinched), Plank Grating (including GRIP STRUT®), and Fiberglass Grating (Molded, Pultruded). Supporting products include Designer Metals, Trench Drains, Stair Treads, Ladder Rungs (including TRACTION TREAD™), Decking & Flooring (SAFEDECK®), Structural Shapes, and Accessories (Flat Bar, U-Edging, Framing solutions). Value-added services encompass Metal Fabrication (cutting, welding), Metal Finishing (galvanizing, powder coating), Custom Solutions, Designer Services, Takeoffs & Drawings, and Packaging & Logistics. The company operates under 'Inspired to Serve®' brand ethos and follows ISO 9001:2015 quality management standards.

Differentiator

Problem solved

Functional benefit

Brands

  • The Hole Story®: Brand narrative about Bob McNichols' survival and how he grew McNICHOLS from a small family business into an industry leader.
  • Inspired to Serve®
  • ECO-MESH®
  • SAFDECK®
  • GRIP STRUT®
  • TRACTION TREAD™

Products and services

  • Perforated Metal

Companies that use McNICHOLS

Customer profile

Named customers1 record

Segments8 records

Ideal customer profiles8 records

McNICHOLS technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature4 records

McNICHOLS partnerships and signals

Strategic signal

Scale indicators5 records

Recent moves5 records

Expansion highlights6 records

McNICHOLS competitors and assessment

Company assessment

Direct peers

  • Olympic Steel: US metals service center operating multiple steel processing and distribution facilities. Comparable to McNICHOLS in flat-rolled and specialty metal distribution, value-added processing, and customer base in fabrication and manufacturing.
  • Kloeckner Metals: Global multi-metal distributor with strong US presence offering steel, aluminum, and specialty products plus processing services. Direct competitor to McNICHOLS in the metal service center space, serving overlapping construction, fabrication, and industrial customers.
  • Metal Supermarkets: Small-quantity metal supplier with 100+ franchised locations across North America serving walk-in customers and small businesses. Direct peer to McNICHOLS in the specialty metal retail/service-center model with cut-to-size and same-day service, though smaller-scale and more SMB-focused.
  • NJ Metals / National Kwikmetal Service: Multi-location specialty metal service center distributing sheet metal, grating, and structural products with cut-to-size and same-day pickup services. Comparable to McNICHOLS in inventory breadth, walk-in service center model, and focus on perforated/grating products.

Broad incumbents

  • Reliance Steel & Aluminum Co. Largest metals service center operator in North America, offering carbon steel, aluminum, stainless, and specialty products through 300+ locations. Comparable to McNICHOLS in core metal distribution and value-added processing but at vastly larger scale and broader product scope.
  • Ryerson: Public metal service center company distributing carbon, stainless, aluminum, and specialty products across North America with extensive processing capabilities. Closely comparable to McNICHOLS in product breadth, customer segments (construction, fabrication, industrial), and value-added service model.
  • Worthington Industries: Manufacturer and distributor of steel processing, pressure cylinders, and specialty metal products. Comparable to McNICHOLS as a metals industry incumbent with overlapping construction and industrial end-markets, though Worthington's portfolio is broader.
  • Ferguson (Ferguson Metals): Large plumbing, HVAC, and industrial products distributor with metals product lines serving contractors and industrial customers. Broadly comparable to McNICHOLS in B2B distribution, value-added services, and US service center footprint, though metals is a smaller part of Ferguson's portfolio.

Emerging players

  • OnlineMetals: E-commerce-first metal distributor offering small-quantity orders of specialty metals with nationwide shipping. Emerging competitor to McNICHOLS in digital channels and small-volume specialty metal sales, with overlapping perforated metal, expanded metal, and grating products.
  • Fast Metals: Online metal service center offering quick-cut aluminum, steel, stainless, and specialty products with nationwide delivery. Emerging competitor overlapping McNICHOLS in e-commerce ordering, cut-to-size service, and small-to-mid volume specialty metal fulfillment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

McNICHOLS social profiles

Digital presence

McNICHOLS compliance and trust

Trust signal

Compliance1 record

McNICHOLS financial estimates

Financial estimate

Revenue estimate

Valuation estimate

McNICHOLS leadership team

Management profile

Number of profiles

Profiles1 record

McNICHOLS funding detail

Funding detail

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

McNICHOLS M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about McNICHOLS

What does McNICHOLS do?

McNICHOLS is the largest U.S. distributor of specialty metals and fiberglass products, carrying perforated metal, expanded metal, wire mesh, bar grating, plank grating, and fiberglass grating in thousands of patterns, gauges, and materials. Products are stocked in cut-to-size, finished, or custom configurations and ship same-day through 19 Metals Service Centers, complemented by value-added fabrication, metal finishing, custom solutions, designer services, takeoffs/drawings, and packaging/logistics services.

Is McNICHOLS a public or private company?

McNICHOLS is a private company. It is classified as private equity controlled and is currently operating.

When was McNICHOLS founded?

McNICHOLS was founded in 1952. It employs 251 to 500 people.

Where is McNICHOLS based?

McNICHOLS is headquartered in Tampa, United States, in the North America region.

How does McNICHOLS make money?

Two revenue lines are on record. Specialty Metals Distribution is the primary driver. The others are value-Added Services.

Who are McNICHOLS's main competitors?

Direct peers on record are Olympic Steel, Kloeckner Metals, Metal Supermarkets and NJ Metals / National Kwikmetal Service. Broad incumbents are Reliance Steel & Aluminum Co., Ryerson, Worthington Industries and Ferguson (Ferguson Metals). Emerging players are OnlineMetals and Fast Metals.

Does McNICHOLS have an API?

No public API is recorded for McNICHOLS.

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Live signals
NairametricsNigerian equities extend rally as ASI crosses 246,000 points, gain N1.22 trillionNigerian equities extended gains on Tuesday, with the All-Share Index rising 0.77% to 246,082.63 points. Market capitalization reached N158.96 trillion, adding N1.22 trillion, while the Oil & Gas Index led sector gains. The rally continues into September, supported by FTSE Russell reclassification confirmation.Third NewsMcNICHOLS Enhances Offerings with New Solid Sheets and Diamond Plate ProductsMcNICHOLS CO. added Solid Sheets and Diamond Plate products to its product lineup, including Aluminum Diamond Plate and solid sheets in Galvanized Steel, Carbon Steel, Aluminum, and Stainless Steel. The company offers cut-to-size services and plans to adjust inventory based on customer demand.Daily TrustNigerian equities extend bearish run for fifth straight session, lose N106.24bnNigeria's equities market fell for a fifth straight session on Monday, with the NGX All-Share Index down 0.07% to 242,454.65 points. Market capitalization lost N106.24 billion, falling from N156.62 trillion to N156.52 trillion. Trading volume declined 5.89% while turnover fell 49.40%.American City Business JournalsMcNichols Co. appoints new president after private equity investmentMcNichols Co. appointed a new president following a private equity investment in the specialty metals company. The new president, who brings experience from building products distribution, will focus on driving acquisitions as the company enters a new growth phase. The private equity backing appears to have set the stage for this strategic expansion.GurufocusMcNICHOLS CO. Announces Appointment of Mateus Panosso as PresideMcNICHOLS CO. announced the appointment of Mateus Panosso as President, effective immediately. Panosso brings extensive experience in distribution and industrial services, having most recently served as Head of Company-Owned Distribution at Wilsonart and previously holding leadership roles at Armstrong World Industries and DuPont. The appointment is viewed as a strategic step forward in McNICHOLS' partnership with One Equity Partners, which made a significant investment in the company in October 2025.AijournMcNICHOLS CO. Announces Appointment of Mateus Panosso as PresidentMcNICHOLS CO., the largest value-added distributor and fabricator of specialty metals and fiberglass products in North America, announced the appointment of Mateus Panosso as President. Panosso brings extensive experience in distribution and industrial services, having led P&Ls and business development functions at Wilsonart, Armstrong World Industries, and DuPont. The appointment, supported by McNICHOLS CEO Scott McNichols and investor One Equity Partners, is positioned as a strategic step forward to advance the company's nearly 75-year growth objectives.Investing.comMcNichols appoints Mateus Panosso as president By Investing.comMcNichols Co., a distributor and fabricator of specialty metals and fiberglass products headquartered in Tampa, Florida, announced the appointment of Mateus Panosso as president. The appointment follows One Equity Partners' investment in the company in October 2025 and comes as McNichols operates 19 service centers across the United States serving customers in all 50 states and internationally. Panosso brings experience from prior roles at Wilsonart, Armstrong World Industries, and DuPont.PR NewswireMcNICHOLS CO. Announces Appointment of Mateus Panosso as PresidentMcNICHOLS CO. has appointed Mateus Panosso as President, effective immediately, with CEO Scott McNichols welcoming him to the leadership team at what he described as an important time in the company's nearly 75-year history. Panosso brings extensive experience in scaling distribution and industrial services businesses, having most recently led Wilsonart's company-owned distribution operations and previously held strategy and corporate development roles at Armstrong World Industries and DuPont. One Equity Partners, which made a significant investment in McNICHOLS in October 2025, characterized the appointment as an important step forward in their partnership, with Panosso charged with pursuing growth objectives for the company.Stock TitanMcNICHOLS names Mateus Panosso presidentMcNICHOLS CO. announced the appointment of Mateus Panosso as President, with the company and its private equity partner One Equity Partners viewing this as an important step forward following OEP's significant investment in October 2025. Panosso brings extensive distribution and industrial services experience, having most recently led company-owned distribution at Wilsonart and previously held strategy and M&A leadership roles at Armstrong World Industries and DuPont. He joins McNICHOLS at a pivotal time in its nearly 75-year history as the company pursues growth objectives under its new ownership structure.Latest Nigeria NewsNGX:MC Nichols tops losers as investors shed ₦58bNigerian investors lost N58 billion on Thursday as the All-Share Index fell to 242,227.31 points. Mc Nichols, ABC Trans, and Eterna led declines of 10%, 9.88%, and 9.85%, while equity capitalization dropped to N155.3 trillion.