Strategic Acquisition Enhances Lakeland's Global Presence and Fire Service Offering
HUNTSVILLE, AL / ACCESSWIRE / July 1, 2024 / Lakeland Industries, Inc. (NASDAQ:LAKE), a leading global manufacturer of protective clothing for industry, healthcare, and first responders, announced today the successful completion of its acquisition of the fire and rescue business of LHD Group Deutschland GmbH and its subsidiaries in Hong Kong and Australia (collectively, "LHD") in an all-cash transaction valued at approximately $16.3 million subject to post-closing adjustments and customary holdback provisions.
LHD is a leading provider of firefighter turnout gear, accessories, and personal protective equipment cleaning, repair, and maintenance, with an annual revenue of approximately $27 million. LHD has 111 employees worldwide and is headquartered in Wesseling, Germany, with operations in Hong Kong and Australia.
Strategic Rationale and Benefits:
Expansion of Global Fire Services Footprint: The acquisition significantly strengthens Lakeland's position in the global fire services market by adding LHD's premium product and services portfolio and complementary geographic footprint. This strategic move enhances Lakeland's ability to serve customers in Germany and Australia, two of the three largest fire markets in the world, as well as the Asian region, with an expanded range of high-quality fire and rescue gear and services.
Introduction of Fire Suit Services: LHD Care provide a holistic approach to protective clothing maintenance, including laundry services, repairs and sample production. This offering ensures the longevity and effectiveness of firefighting gear and introduces an attractive recurring revenue stream that Lakeland plans to leverage and expand.
Enhanced Product Portfolio: LHD's product range, which includes structural, wildland, and industrial fire and rescue gear, technical rescue equipment, and station wear, complements Lakeland's existing fire services offerings. This expanded portfolio allows Lakeland to better meet the diverse needs of firefighters and first responders worldwide.
Retention of Skilled Workforce: LHD's existing staff and core management team across Germany, Australia, and Hong Kong will remain in place and integrate with the global Lakeland team. This continuity ensures ongoing high-quality service and support for LHD's established customer base. In addition, Lakeland intends to enhance and expand LHD's sales team and product manufacturing capabilities.
Jim Jenkins, President, CEO and Executive Chairman of Lakeland, stated, "The completion of this acquisition accelerates our long-term growth strategy by significantly expanding our market share and global presence in the fire service industry. LHD's premium products and services align remarkably well with our existing portfolio and provides us with new opportunities to enhance our service offerings and revenue streams. We are excited about the market expansion and cross-selling opportunities this acquisition brings and are confident that it will be immediately accretive to Lakeland."
Maynard Nexsen and Noerr acted as legal advisors to Lakeland.
Lakeland Fiscal Year 2025 Updated Guidance and Outlook
This updated guidance is based on our current backlog of orders and current expectations, including the integration of LHD Group as of July 1, 2024. These metrics constitute forward-looking statements and are based on current expectations. For a discussion of factors that could cause actual results to differ materially from these metrics, see "Safe Harbor Statement" below.
Revenue - We now expect FY25 Revenue in the range of $160 million to $170 million.
Adjusted EBITDA - We expect FY25 Adjusted EBITDA, excluding any material negative impact from foreign exchange, to be in the range of $18 million to $21.5 million(1).
(1) Excluding revenue, the Company does not provide guidance on a GAAP basis as certain items that impact Adjusted EBITDA, such as equity compensation, foreign exchange gains or losses, acquisition expenses and employee separation expenses, which may be significant, are outside the Company's control and/or cannot be reasonably predicted.
Roger Shannon, Chief Financial Officer, added, "We are pleased to close on this important acquisition, and we look forward to working with our new teammates at LHD to further expand the Lakeland family of fire and safety brands. We continue to believe our SSQ acquisitions like LHD position us for additional growth in revenue and profitability."
About Lakeland Industries, Inc.
We manufacture and sell a comprehensive line of industrial protective clothing and accessories for the industrial and public protective clothing market. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a network of over 2,000 global safety and industrial supply distributors. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, transportation, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high technology electronics manufacturers, as well as scientific, medical laboratories and the utilities industry. In addition, we supply federal, state and local governmental agencies and departments, such as fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security and the Centers for Disease Control. Internationally, we sell to a mixture of end users directly and to industrial distributors, depending on the particular country and market. In addition to the United States, sales are made into more than 50 foreign countries, the majority of which were into China, the European Economic Community ("EEC"), Canada, Chile, Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India, Uruguay, Middle East and Southeast Asia.
For more information concerning Lakeland, please visit the Company online at .
Safe Harbor Statement:
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, that address expectations of sources or uses for capital or which express the Company's expectations for future financial performance or operating strategies, including statements regarding the anticipated synergies and opportunities relating to the acquisition, are forward-looking statements. Forward-looking statements involve risks, uncertainties, and assumptions, as described from time to time in press releases and Forms 8-K, registration statements, quarterly and annual reports, and other filings filed with the Securities and Exchange Commission. There can be no assurance that future results will not be materially different from those described herein. The Company expressly disclaims any obligation to update or revise any such statements to reflect any change in expectations or events, conditions, or circumstances on which such statements are based, except as required by law.
Contact:
Lakeland Industries, Inc.
Roger Shannon, CFO
256-600-1390
rdshannon@lakeland.com
SOURCE: Lakeland Industries, Inc.
战略收购增强了莱克兰的全球影响力和消防服务产品
阿拉巴马州亨茨维尔/ACCESSWIRE/2024年7月1日/全球领先的工业、医疗保健和急救人员防护服制造商莱克兰工业公司(纳斯达克股票代码:LAKE)今天宣布,以价值约1,630万美元的全现金交易成功完成了对德国LHD集团及其在香港和澳大利亚的子公司(统称 “LHD”)消防和救援业务的收购但须遵守收盘后的调整和惯常的滞留条款。
LHD 是消防员道岔装备、配件和个人防护设备清洁、维修和维护的领先供应商,年收入约为 2700 万美元。LHD 在全球拥有 111 名员工,总部位于德国韦塞林,业务遍及香港和澳大利亚。
战略依据和收益:
扩大全球消防服务足迹:此次收购通过增加LHD的优质产品和服务组合以及互补的地理覆盖范围,极大地巩固了莱克兰在全球消防服务市场的地位。这一战略举措增强了莱克兰通过扩大高质量消防和救援装备和服务的范围,为德国和澳大利亚这两个世界最大的消防市场以及亚洲地区的客户提供服务的能力。
消防服服务简介:LHD Care提供全面的防护服维护方法,包括洗衣服务、维修和样品制作。该产品确保了消防装备的使用寿命和有效性,并引入了有吸引力的经常性收入来源,莱克兰计划利用和扩大这一收入来源。
增强的产品组合:LHD的产品系列包括结构、荒地和工业消防和救援装备、技术救援设备和工作站服装,是对莱克兰现有消防服务产品的补充。这种扩展的产品组合使莱克兰能够更好地满足全球消防员和急救人员的多样化需求。
保留熟练员工:LHD在德国、澳大利亚和香港的现有员工和核心管理团队将继续留任,并与全球莱克兰团队整合。这种连续性确保了为LHD的既定客户群提供持续的高质量服务和支持。此外,莱克兰打算加强和扩大LHD的销售团队和产品制造能力。
莱克兰总裁、首席执行官兼执行董事长吉姆·詹金斯表示:“此次收购的完成显著扩大了我们在消防行业的市场份额和全球影响力,从而加速了我们的长期增长战略。LHD的优质产品和服务与我们现有的产品组合非常吻合,为我们提供了增强服务产品和收入来源的新机会。我们对这次收购带来的市场扩张和交叉销售机会感到兴奋,并相信这将立即为莱克兰带来增长。”
梅纳德·内克森和诺尔担任莱克兰的法律顾问。
莱克兰2025财年更新的指导方针和展望
本最新指南基于我们当前的积压订单和当前的预期,包括截至2024年7月1日LHD集团的整合。这些指标构成前瞻性陈述,基于当前的预期。有关可能导致实际结果与这些指标存在重大差异的因素的讨论,请参阅下面的 “安全港声明”。
收入 -我们现在预计25财年的收入在1.6亿美元至1.7亿美元之间。
调整后 EBITDA -我们预计,不包括外汇的任何重大负面影响,25财年调整后的息税折旧摊销前利润将在1,800万美元至2150万美元之间(1)。
(1) 不包括收入,公司不按公认会计原则提供指导,因为某些影响调整后息税折旧摊销前利润的项目,例如股权薪酬、外汇收益或亏损、收购费用和员工离职费用,这些项目可能很大,在公司的控制范围之外和/或无法合理预测。
首席财务官罗杰·香农补充说:“我们很高兴完成这项重要的收购,我们期待与LHD的新队友合作,进一步扩大莱克兰消防和安全品牌家族。我们仍然相信,像LHD这样的SSQ收购使我们能够实现收入和盈利能力的进一步增长。”
莱克兰工业公司简介
我们为工业和公共防护服市场生产和销售全系列的工业防护服和配件。我们的产品由我们的内部销售团队、我们的客户服务小组和授权的独立销售代表在全球销售,销售给由2,000多家全球安全和工业用品分销商组成的网络。我们的授权分销商为最终用户提供服务,例如综合石油、化工/石化、汽车、运输、钢铁、玻璃、建筑、冶炼、洁净室、门卫、制药和高科技电子制造商,以及科学、医学实验室和公用事业行业。此外,我们还为联邦、州和地方政府机构和部门提供服务,例如消防和执法、机场坠机救援单位、国防部、国土安全部和疾病控制中心。在国际上,我们直接向各种最终用户销售产品,并根据特定国家和市场向工业分销商销售产品。除美国外,销往50多个国外,其中大部分销往中国、欧洲经济共同体(“EEC”)、加拿大、智利、阿根廷、俄罗斯、哈萨克斯坦、哥伦比亚、墨西哥、厄瓜多尔、印度、乌拉圭、中东和东南亚。
有关莱克兰的更多信息,请在线访问该公司,网址为。
安全港声明:
本新闻稿包含1995年《私人证券诉讼改革法》中定义的 “前瞻性陈述”。除历史事实陈述外,所有涉及资金来源或用途预期的陈述,或表达公司对未来财务业绩或运营战略的预期的陈述,包括与收购相关的预期协同效应和机会的陈述,均为前瞻性陈述。正如新闻稿和8-K表、注册声明、季度和年度报告以及向美国证券交易委员会提交的其他文件中不时描述的那样,前瞻性陈述涉及风险、不确定性和假设。无法保证未来的结果不会与本文描述的结果有重大差异。除非法律要求,否则公司明确表示没有义务更新或修改任何此类声明以反映此类声明所依据的预期或事件、条件或情况的任何变化。
联系人:
莱克兰工业公司
首席财务官罗杰·香农
256-600-1390
rdshannon@lakeland.com
来源:莱克兰工业公司