Kewaunee closes Nu Aire acquisition for $55M; audited Nu Aire FY24 net income $5.44M

KEWAUNEE SCIENTIFIC CORP /DE/

Kewaunee acquired Nu Aire for $55M on Nov 1, 2024, using $35M bank financing and $23M seller notes at 8%.
Nu Aire FY2024 revenue $74.85M (down 8% YoY), net income $5.44M (up 84% from $2.96M).
Nu Aire had no debt, $13.46M cash; acquisition enterprise value ~$41.5M.
Nu Aire gross margin improved to 31.6% in FY2024 from 28.3% in FY2023.
Pro forma financials filed; combined entity with increased scale and profitability profile.

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