NPK International Inc. (NPKI): M&A transaction — NPK acquires Grassform Plant Hire for £35.2M ($46.4M) cash; strengthens UK rental ops

NPK International Inc.

Acquired Grassform Plant Hire for £35.2M ($46.4M) cash at closing, plus potential earn-out based on trailing 12-month performance to Feb 28, 2026.
Funding from cash on hand and ~$10M draw on US credit facility; limited post-transaction debt.
Grassform generated £15M ($19M) revenue and £6M ($8M) EBITDA for 12 months ended Oct 31, 2025.
Grassform is a UK market leader in ground protection and temporary roadway solutions with over 20,000 composite mats.
CEO Matt Lanigan says acquisition expands UK market coverage, aligns with growth strategy of scaling high-return rental business.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

NPK International Inc. completed an acquisition involving shareholders of Grassform for £35.2 ($46.4) million satisfied in cash at closing (closed 2025-11-24).

Action: acquisition
Counterparty: shareholders of Grassform
Consideration: £35.2 ($46.4) million satisfied in cash at closing
Closing: 2025-11-24

Exact text from the filing

of Grassform (the “Sellers”). Under the terms of the Share Purchase Agreement, the total consideration payable by NPK Holdings to the Sellers consisted of a payment of £35.2 ($46.4) million satisfied in cash at closing, subject to customary post-closing adjustments pursuant to completion accounts and certain other adjustment mechanisms. Additional

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NPK International Inc. entered into Share Purchase Agreement with the shareholders of Grassform valued at £35.2 ($46.4) million (effective 2025-11-24).

Action: entry
Agreement: asset purchase
Counterparty: the shareholders of Grassform
Value: £35.2 ($46.4) million
Effective: 2025-11-24

Exact text from the filing

On November 24, 2025, NPK Holdings LLC (“NPK Holdings”), a wholly-owned subsidiary of NPK International Inc. (“Company”), entered into a share sale and purchase agreement (the “Share Purchase Agreement”) and completed the acquisition of the entire issued share capital of Grassform Plant Hire Limited (“Grassform”), a private limited company incorporated in England and Wales, from the shareholders of Grassform (the “Sellers”).

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NPK International Inc. filing history →

Source: SEC EDGAR

accession 0000071829-25-000143

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