M&A - KEWAUNEE SCIENTIFIC CORP /DE/

Form Type: 10-Q

Filing Date: 2025-03-14

Corporate Action: Acquisition

Type: New

Accession Number: 000005552925000013

Filing Summary: Kewaunee Scientific Corporation reported its financial results for the quarterly period ended January 31, 2025, showcasing strong net sales of $67.2 million, a significant increase from the previous year’s $46.8 million. The company has completed the acquisition of Nu Aire, Inc. for $55 million, enhancing its market position in laboratory furniture and technical products. The net earnings attributable to Kewaunee are reported at $1.4 million, with basic earnings per share of $0.47. The total assets of the company stand at $189.1 million, with notable increases in current assets and stockholders' equity. This quarterly report reflects the continuing growth and successful strategic acquisitions within Kewaunee Scientific's operations, positioning them to better meet customer demands in the laboratory furnishings market.

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Form Type: 8-K/A

Filing Date: 2025-01-16

Corporate Action: Acquisition

Type: Update

Accession Number: 000119312525007212

Filing Summary: On January 16, 2025, Kewaunee Scientific Corporation announced the closing of its acquisition of Nu Aire, Inc. for $55,000,000. The company purchased all outstanding capital stock of Nu Aire from various sellers. The acquisition involved customary adjustments for debt, cash, transaction expenses, and net working capital. Concurrently, Kewaunee entered into a financing agreement with PNC Bank, which includes a $20,000,000 revolving credit facility and a $15,000,000 term loan. Additionally, seller notes amounting to $23,000,000 at an interest rate of 8% per annum were issued, maturing three years from the closing date. The document amends a prior filing to include the financial statements required after the acquisition, providing detailed audited and pro forma financial information.

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