SIFCO INDUSTRIES INC (SIF): M&A transaction — SIFCO completes sale of C Blade S.p.A. for €20M enterprise value, receives ~$14.7M net cash

SIFCO INDUSTRIES INC

Sale closed Oct 15, 2024; buyer TB2 S.r.l. acquired 100% of C Blade for €20M enterprise value (€13.8M net equity at closing).
Net cash proceeds of ~$14.7M after adjustments and transaction costs; pro forma cash rises from $1.7M to $15.7M.
Pro forma FY2023 net sales from continuing ops $66.1M vs $87.0M historical; net loss from continuing ops $10.5M vs $8.7M.
Pro forma nine months ended Jun 30, 2024: net loss $7.2M vs $4.9M historical; net sales $58.0M vs $76.9M.
One-time transaction costs estimated at $0.5M, with $0.3M still expected to be incurred.

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

SIFCO INDUSTRIES INC completed a disposition involving TB2 S.r.l. for enterprise value of €20,000,000 pursuant to a “lockbox” arrangement that results in the payment of €13,800,000 in net equity value at closing (closed 2024-10-15).

Action: disposition
Counterparty: TB2 S.r.l.
Consideration: enterprise value of €20,000,000 pursuant to a “lockbox” arrangement that results in the payment of €13,800,000 in net equity value at closing
Closing: 2024-10-15

Exact text from the filing

capital (“Sale Shares”) of C Blade S.p.A. Forging & Manufacturing, an Italian joint stock company and wholly-owned subsidiary of Seller (“CBlade”), at an enterprise value of €20,000,000 pursuant to a “lockbox” arrangement that results in the payment of €13,800,000 in net equity value at closing, subject to adjustment pursuant to and in accordance with the terms

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Source: SEC EDGAR

accession 0000090168-24-000043

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