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Strategic Acquisition Expands Lakeland's Global Fire Services Portfolio with Pacific Helmet's Leading Safety Helmet Offerings
HUNTSVILLE, AL / ACCESSWIRE / November 30, 2023 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the "Company" or "Lakeland"), a leading global manufacturer of protective clothing for industry, healthcare and first responders on the federal, state and local levels, announced today the acquisition of New Zealand-based Pacific Helmets NZ Limited ("Pacific") in an all-cash transaction valued at approximately $8.5 million subject to post-closing adjustments and customary holdback provisions.
Pacific is a leading designer and manufacturer of helmets for the structural firefighting, wildland firefighting, and rescue markets. The company has 70 employees and is headquartered in Whanganui, New Zealand. Pacific provides differentiated product offerings through its innovative and premium solutions. The existing staff and management team will remain in place and will continue to service customer needs.
Jim Jenkins, Executive Chairman of Lakeland Industries, said, "This strategic acquisition is a significant milestone in our global fire services expansion efforts, enhancing our product portfolio and strengthening our commitment to delivering exceptional fire turnout protection offerings to our customers worldwide. Pacific is a global brand with a well-established reputation for quality and innovative fire and rescue helmet design and manufacturing in the growing first responder safety helmet market. Pacific has a broad range of helmet models, styles and certifications, and they have demonstrated the ability to develop new products and sell successfully around the world. We expect Pacific to add seven to eight million dollars of sales revenue to Lakeland in our next fiscal year and to be immediately accretive."
Mr. Jenkins added, "This acquisition significantly expands Lakeland's fire product offerings to our existing customer base while enhancing our geographic reach in Australia and New Zealand. Importantly, Pacific is highly complementary to Lakeland's current fire service business. The addition of Pacific's products and capabilities to Lakeland's portfolio presents a compelling cross-selling opportunity that we will be able to leverage across Lakeland's global sales and distribution channels. The combination of a complementary, premium product portfolio, global reach, talented team, and cross-selling opportunities makes this a great strategic fit for Lakeland."
Mr. Jenkins concluded, "We are thrilled to welcome Pacific to the Lakeland family."
Maynard Nexsen and Simpson Grierson acted as legal advisors to Lakeland. PwC Legal New Zealand acted as legal advisor to Pacific.
Posted In: LAKE
