Lakeland Industries a global manufacturer of protective clothing for industry, healthcare and first responders has revealed the successful completion of its acquisitions of US-based Arizona PPE Recon, Inc. and California PPE Recon, Inc.
The Arizona PPE acquisition was an all-cash transaction valued at approximately $4 million, subject to post-closing adjustments and customary holdback provisions.
The $5.5 million purchase price of the California PPE acquisition was paid in a combination of approximately $3.4 million in Company stock and $2.1 million in cash.
Subject to post-closing adjustments and customary holdback provisions. In aggregate, Arizona PPE and California PPE generate approximately $5 million of annual recurring revenue.
Arizona PPE is a UL-certified independent services provider for performing advanced decontamination, inspection and repairs on firefighting garments for the Arizona market.
It also provides educational and training classes to fire departments and personnel, including those in Arizona’s largest cities, to help them implement and adhere to NFPA 1851 guidelines.
Additionally, it offers PPE equipment rental, cleaning products, extractor and dryer sales and gear bags.
Arizona PPE was established in 2016 by founders Scott and DeAnna Petersen, a husband-and-wife team who will remain and continue to manage and grow the business in Arizona.
Arizona PPE has approximately 17 employees and is headquartered in Tempe, Arizona.
California PPE is a rapidly expanding UL-certified ISP in the California firefighting services market, one of the largest fire markets in the United States.
It also provides advanced decontamination, repair and inspection of firefighting personal protective equipment, along with rental services and sales of cleaning detergents, extractors and dryers.
California PPE was established in 2022 by Mike Glaze, a lifelong firefighter with a vision to develop an organization that helps Fire Departments implement NFPA 1851 care and maintenance programs, bringing his significant experience and business knowledge in the fire service industry to develop a thriving ISP in the Southern California area.
California PPE has approximately 16 employees and is headquartered in Riverside, California.
Mike Glaze will remain as President of California PPE and has been appointed to develop and expand Lakeland’s decontamination, repair and rental services across the United States.
Jim Jenkins, President, Chief Executive Officer and Executive Chairman shared: “We are very excited to welcome Arizona PPE and California PPE, along with Mike Glaze and Scott and Deanna Petersen, to the Lakeland family.
“With an outstanding reputation for quality service and a track record of strong customer satisfaction, these operators and companies are outstanding additions to the Lakeland family.
“Led by Mike Glaze and Bill Van Lent, President of our recently acquired Veridian subsidiary, they will serve as our foundation and key entry point in the rapidly expanding North American advanced decontamination and rental markets.
“From these two outstanding companies, we intend to continue growing the North American service segment of the global fire services market by leveraging the combined strengths and experience of Lakeland’s LHD service offerings in Asia and Australia with the outstanding teams from Arizona PPE and California PPE to develop a strong North American platform.
“These acquisitions expand Lakeland’s fire service offerings in the US and beyond.
“Both companies are highly complementary to Lakeland’s current fire service business, further increasing our touchpoints with fire services through advanced cleaning, inspection and repair, as well as offering other growth opportunities in gear rentals and gear bag manufacturing.
“The combination of complementary, recurring revenue services, high-quality facilities, talented teams and cross-selling opportunities makes this a great strategic fit for Lakeland and we are excited to welcome both Arizona PPE and California PPE to the Lakeland family.”
Lakeland Industries has revealed the successful completion of its acquisitions of US-based Arizona PPE Recon, Inc. and California PPE Recon, Inc.
