PIONEER POWER SOLUTIONS, INC. (PPSI): M&A transaction — Pioneer Power sells Pioneer Custom Electrical Products for $48M cash plus $2M equity

PIONEER POWER SOLUTIONS, INC.

Total consideration $50M ($48M cash + $2M equity units in buyer's entity); transaction closed Oct 29, 2024.
Pro forma revenue from continuing ops $11.1M (FY2023) vs $41.5M reported; net loss from continuing ops $6.3M.
Retains ~6% stake in buyer (Pioneer Investment LLC) via $2M cost method investment.
Transition services agreement with Buyer for up to 12 months post-closing.
Gain on sale estimated at $42.2M added to equity on pro forma balance sheet.

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

PIONEER POWER SOLUTIONS, INC. completed a disposition involving Voltaris Power LLC for $48.0 million in cash, subject to adjustment pursuant to the terms of the Equity Purchase Agreement, and (ii) $2.0 million in equity (closed 2024-10-29).

Action: disposition
Counterparty: Voltaris Power LLC
Consideration: $48.0 million in cash, subject to adjustment pursuant to the terms of the Equity Purchase Agreement, and (ii) $2.0 million in equity
Closing: 2024-10-29

Exact text from the filing

to: (i) contribute 4% of all of the issued and outstanding equity interests of Pioneer Custom to Investment (the “Rollover Interests”) in exchange for Investment issuing $2.0 million of common units (representing approximately 6% of Investment’s issued and outstanding common units on the Closing Date (as defined below)) (the “Rollover Units”) to the Company;

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Source: SEC EDGAR

accession 0001493152-24-043517

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