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Lakeland Industries Inc (NASDAQ:LAKE) has entered into a definitive agreement to acquire the fire and rescue business of LHD Group Deutschland GmbH (LHD) and its Hong Kong and Australian subsidiaries.
The acquisition is in an all-cash transaction valued at approximately $16.7 million.
Headquartered in Wesseling, Germany, LHD makes firefighter turnout gear, accessories, and Total Care services, including laundry, repair, and maintenance.
LHD’s offerings include a range of structural, wildland and industrial fire and rescue gear, technical rescue equipment, and station wear with an annual revenue of about $27 million.
LHD has 111 employees across operations in Germany, Australia, and Hong Kong and the existing staff and management team will remain in place after the acquisition.
“The acquisition of LHD accelerates our long-term growth strategy to expand our fire service market share,” said acting CEO and Executive Chairman Jim Jenkins.
“We expect LHD to be immediately accretive to Lakeland following the completion of the transaction.”
The transaction is expected to close in May, subject to the satisfaction of customary closing conditions.
Lakeland held $26.4 million in cash and equivalents as of October 31, 2023.
Lakeland manufactures protective clothing for industry, healthcare and first responders on the federal, state and local levels.
Lakeland Industries will release its financial results for the fiscal 2024 fourth quarter ended January 31, 2024, on Wednesday, April 10, 2024.
Price Action: LAKE shares closed lower by 0.17% at $17.79 on Tuesday.
Posted In: LAKE
