KEWAUNEE SCIENTIFIC CORP /DE/ (KEQU): M&A transaction — Kewaunee Scientific acquires Nu Aire for $55M; expands life sciences product line

KEWAUNEE SCIENTIFIC CORP /DE/

Total purchase price $55M, funded with $32M cash (PNC revolver & term loan) and $23M seller notes at 8%.
PNC financing includes $20M revolver and $15M term loan maturing Nov 2029; seller notes mature in 3 years.
Nu Aire manufactures biosafety cabinets, CO2 incubators, ultralow freezers; serves life sciences, healthcare, education.
Bill Peters remains Nu Aire President and joins Kewaunee as VP; company cites operational synergies and expanded market reach.
Management expects combined product portfolio and channel strategy to drive sustainable growth.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.98

KEWAUNEE SCIENTIFIC CORP /DE/ completed an acquisition involving Nu Aire, Inc. for $55,000,000 (closed 2024-11-01).

Action: acquisition
Counterparty: Nu Aire, Inc.
Consideration: $55,000,000
Closing: 2024-11-01

Exact text from the filing

(after the RWI Policy is exhausted). Pursuant to the terms of the Purchase Agreement, the Company purchased all of the outstanding capital stock of Nu Aire from the Sellers for $55,000,000 in the aggregate (the “Purchase Price”), subject to certain customary adjustments for debt, cash, transaction expenses and net working capital, as further described in the

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Source: SEC EDGAR

accession 0001193125-24-249232

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