TechPrecision signs definitive agreement to acquire Votaw Precision for up to $85M

TECHPRECISION CORP

Purchase price up to $85M: $70M at closing, $15M in semi-annual payments, plus earnout up to $25M based on FY2024 EBITDA exceeding $11.175M.
Votaw projects FY23 revenue ~$46M, net income ~$4.7M, EBITDA ~$7.7M; deal expected to more than double TPCS revenue and EBITDA.
Votaw has 156 employees and a 200,000+ sq ft facility in Santa Fe Springs, CA, serving defense/aerospace customers including Lockheed, SpaceX, and ULA.
Closing expected by March 31, 2024; TechPrecision has 45-day due diligence termination right from signing.
CEO highlights potential cost savings by merging STADCO into Votaw footprint, saving millions in overhead and CAPEX.

Key facts

Extracted from this filing and checked against the source text.

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

TECHPRECISION CORP entered into Stock Purchase Agreement with Doerfer Corporation valued at $70,000,000, less the amount of indebtedness and transaction expenses of Votaw, plus the amount of u (effective 2023-11-22).

Action: entry
Agreement: equity purchase
Counterparty: Doerfer Corporation
Value: $70,000,000, less the amount of indebtedness and transaction expenses of Votaw, plus the amount of u
Effective: 2023-11-22

Exact text from the filing

On November 22, 2023, TechPrecision Corporation, a Delaware corporation (the “ Company ”), entered into a Stock Purchase Agreement (the “ Purchase Agreement ”) with Doerfer Corporation, an Iowa corporation (the “ Seller ”)

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24 material agreements filed in the last 30 days. Browse all material agreements →

TECHPRECISION CORP filing history →

Source: SEC EDGAR

accession 0001104659-23-122025

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