Lakeland acquires Jolly Scarpe footwear for $9.3M; expects $14-16M annual revenue addition

LAKELAND INDUSTRIES INC

Acquired Italy/Romania-based Jolly Scarpe, a designer/manufacturer of professional footwear for fire, military, police, and rescue markets.
Purchase price of CHF 8M (approx. $9.3M) in cash, funded through Lakeland's line of credit; subject to post-closing adjustments.
Expected to add $14-$16M in sales revenue this fiscal year and be immediately accretive to Lakeland.
Jolly's existing staff and management remain; product portfolio complements Lakeland's fire service business, enabling head-to-toe offering.

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 Minerva Manufacture de chaussures S.A. valued at CHF 8,000,000 (approximately USD $9.3 million) (effective 2024-02-05).

Action: entry
Agreement: asset purchase
Counterparty: Minerva Manufacture de chaussures S.A.
Value: CHF 8,000,000 (approximately USD $9.3 million)
Effective: 2024-02-05

Exact text from the filing

On February 5, 2024, Lakeland Global Safety, Ltd. (“Lakeland Global”), a wholly-owned subsidiary of Lakeland Industries, Inc. (the “Company”), entered into a Share Purchase Agreement (the “Purchase Agreement”), by and between Minerva Manufacture de chaussures S.A. (“Minerva”) and Lakeland Global, pursuant to which Lakeland Global acquired all of the shares of Jolly Scarpe S.p.A. and Jolly Scarpe Romania S.R.L., wholly-owned entities of Minerva (collectively, “Jolly”), for a purchase price of CHF 8,000,000 (approximately USD $9.3 million), subject to post-closing adjustments and customary holdback provisions.

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Source: SEC EDGAR

accession 0001654954-24-001300

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