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Lakeland completes acquisition of Qualytextil

15
May '08
Lakeland Industries Inc a market leader in protective apparel, announced that it has completed the acquisition of Brazilian protective apparel supplier Qualytextil S.A. Under the terms of the transaction, Lakeland paid approximately USD$13.3 million at closing.

Terms also include an earnout based on Qualytextil meeting specific increased earnings before interest, taxes, depreciation and amortization (EBITDA) targets in 2010.

The acquisition was funded by existing cash and borrowings from a commercial line of credit, and is expected to be accretive to Lakeland's earnings per share.

Adjusted pro forma EBITDA, as defined in the agreement, for the twelve months ended December 2007 was approximately USD$1.9 million. Sales for this period were approximately USD$10.3 million with gross margins reaching 50%.

Qualytextil, based in Salvador Bahia, Brazil, was founded in 1999 and serves the Brazil Protective Clothing market in the following areas: firemen's turnout gear, conductive and electric arc garments, chemical protective garments, occupational, multilayer and waterproof operational garments, aluminized and molten metal lines of protective clothing.

With an in-house sales force of 20 employees and 28 outside sales representatives, it covers the entire country, selling directly to end users.

Qualytextil markets products directly to major state owned companies and agencies and the main oil and chemical companies in Brazil.


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