Gorman-Rupp acquires Fill-Rite for $525M; Q1 sales up 14.8% to $102.2M, EPS $0.29

GORMAN RUPP CO

Acquisition of Fill-Rite/Sotera from Tuthill for $525M; net ~$445M after $80M tax benefits; expected close Q2 2022.
Fill-Rite generated ~$140M revenue and $34.5M adjusted EBITDA (25% margin) in trailing 12 months.
Expected cash EPS accretive, double-digit accretion in 2023; combined revenues >$500M; dividend policy unchanged.
Q1 2022 net sales $102.2M (+14.8% YoY); EPS $0.29 (incl $0.05 unfavorable LIFO); backlog $195.5M (+55.7%).
Funded with cash and new debt; JPM committed $450M senior secured and $90M subordinated term loan.

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