Horizon Kinetics Holding Corp (HKHC): M&A transaction — Scott's Liquid Gold sells wood and floor care brands for $1.9M, reduces debt, continues strategic review

Horizon Kinetics Holding Corp

Sold Scott's Liquid Gold Wood Care and Floor Restore to Nakoma Products for $1.9M cash plus quarterly royalties through January 2025.
Proceeds used to reduce net debt; UMB Bank and La Plata Capital loan agreements amended with updated covenants and interest-only period.
Company retains brands: Alpha Skin Care, Biz Stain Fighter, Kids N Pets, Denorex, Neoteric Diabetic Skin care, and Zincon Shampoo.
Exploration of strategic alternatives including sale of additional brands, merger, acquisitions, or continued independent operation.

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

Horizon Kinetics Holding Corp completed a disposition involving Nakoma Products, LLC for $1,900,000, subject to adjustment for inventory value (closed 2023-01-23).

Action: disposition
Counterparty: Nakoma Products, LLC
Consideration: $1,900,000, subject to adjustment for inventory value
Closing: 2023-01-23

Exact text from the filing

transactions contemplated by the Purchase Agreement were consummated on January 23, 2023 (the “Asset Sale”). The closing consideration paid to the Seller for the Business was $1,900,000, subject to adjustment for inventory value. Additionally, the Buyer is required to pay the Seller quarterly royalty payments on the gross sales of the Business until January 23,

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Horizon Kinetics Holding Corp amended Consent and Seventh Amendment to Loan and Security Agreement with UMB Bank, N.A. valued at Amendment to Loan and Security Agreement; consents to asset sale and updates defined terms and finan (effective 2023-01-23).

Action: amendment
Agreement: credit facility
Counterparty: UMB Bank, N.A.
Value: Amendment to Loan and Security Agreement; consents to asset sale and updates defined terms and finan
Effective: 2023-01-23

Exact text from the filing

On January 23, 2023, Scott’s Liquid Gold-Inc., a Colorado corporation (the “Company”), entered into the Consent and Seventh Amendment to Loan and Security Agreement (the “Seventh Amendment”), amending its Loan and Security Agreement with UMB Bank, N.A., dated July 1, 2020 (as previously amended, the “UMB Agreement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Horizon Kinetics Holding Corp entered into Asset Purchase Agreement with Nakoma Products, LLC valued at Sale of Scott's Liquid Gold Wood Care and Floor Restore assets; closing consideration $1,900,000 plu (effective 2023-01-23).

Action: entry
Agreement: asset purchase
Counterparty: Nakoma Products, LLC
Value: Sale of Scott's Liquid Gold Wood Care and Floor Restore assets; closing consideration $1,900,000 plu
Effective: 2023-01-23

Exact text from the filing

On January 23, 2023, the Company and SLG Chemicals, Inc., a Colorado corporation, and wholly owned subsidiary of the Company (collectively with the Company, the “Seller”), entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Nakoma Products, LLC, an Illinois corporation (“Buyer”), pursuant to which the Seller agreed to sell to Buyer all of the Seller’s right, title and interest in and to certain assets of the Scott's Liquid Gold Wood Care and Scott's Liquid Gold Floor Restore product lines (the “Business”), together with certain obligations and liabilities relating to the Business.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Horizon Kinetics Holding Corp amended First Amendment to La Plata Capital Loan Agreement with La Plata Capital, LLC valued at Amendment to Loan Agreement; interest-only payments through March 31, 2023, revised payment timing, (effective 2023-01-25).

Action: amendment
Agreement: credit facility
Counterparty: La Plata Capital, LLC
Value: Amendment to Loan Agreement; interest-only payments through March 31, 2023, revised payment timing,
Effective: 2023-01-25

Exact text from the filing

On January 25, 2023, the Company entered into the First Amendment to La Plata Capital Loan Agreement (the “First Amendment”), amending its Loan Agreement with La Plata Capital, LLC, dated November 9, 2021 (the “La Plata Agreement”).

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Horizon Kinetics Holding Corp filing history →

Source: SEC EDGAR

accession 0000950170-23-001280

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