Lakeland Industries acquires Eagle Technical Products for ~$10.8M cash

LAKELAND INDUSTRIES INC

All-cash acquisition of UK-based Eagle Technical Products for ~$10.8M, subject to post-closing adjustments and earnout payments.
Eagle is a designer of fire and industrial protective apparel, expanding Lakeland's product portfolio into customized firefighting applications.
Expected to be accretive to earnings within first year; expands geographic reach in Middle East, Europe, and Asia.
Earnout payments tied to Eagle revenue exceeding £6.0M (year ending Apr 2023) and £6.3M (year ending Apr 2024).

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

LAKELAND INDUSTRIES INC entered into Share Purchase Agreement with Longworth Limited valued at £9,000,000 (effective 2022-12-02).

Action: entry
Agreement: asset purchase
Counterparty: Longworth Limited
Value: £9,000,000
Effective: 2022-12-02

Exact text from the filing

On December 2, 2022, Lakeland Global Safety, Ltd (the “Buyer”) and Longworth Limited (the “Seller”) entered into a Agreement for the Sale and Purchase of the Issued Shares (the “Share Purchase Agreement”) of Eagle Technical Products Limited, a company incorporated and registered in England and Wales (“Eagle”), dated as of December 2, 2022, pursuant to which the Buyer agreed to purchase, and Seller agreed to sell, all of the outstanding ordinary shares of Eagle (the “Shares”).

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Source: SEC EDGAR

accession 0001654954-22-016121

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