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OFFON

AFA PROTECTIVE SYSTEMS, INC.

(AFAP)
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Corbett Technology Solutions, Inc. entered into a definitive agreement to acquire AFA Protective Systems, Inc. from Kleinman family and Others for approximately $130 million.

09/03/2021 EST

Corbett Technology Solutions, Inc. entered into a definitive agreement to acquire AFA Protective Systems, Inc. (OTCPK:AFAP) from Kleinman family and Others for approximately $130 million on September 3, 2021. Under the terms of the merger agreement, an affiliate of CTSI will commence a cash tender offer to acquire all outstanding shares of AFA common stock (symbol: AFAP) for $743.50 a share. As of September 14, 2021, CTSI commenced a tender offer to purchase all the outstanding shares of common stock of AFA Protective Systems. Each outstanding share of common stock outstanding immediately prior to the merger, will be converted into the right to receive the offer price without interest thereon and less any required withholding taxes. Following the consummation of the tender offer, CTSI will be merged with and into AFAP with AFAP as the surviving corporation. The closing of the transaction is subject to certain regulatory approvals and other customary closing conditions. This tender offer will expire on October 26, 2021 at midnight unless extended. Mesirow acted as financial advisor to AFA. Winston & Strawn LLP served as legal counsel to CTSI and Killeen Law served as legal counsel to AFA. Georgeson LLC acted as information agent to AFA Protective Systems.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2020 82,7 M - -
Net income 2020 2,60 M - -
Net Debt 2020 2,62 M - -
P/E ratio 2020 10,8x
Yield 2020 1,15%
Capitalization 119 M 119 M -
EV / Sales 2019 0,35x
EV / Sales 2020 0,37x
Nbr of Employees -
Free-Float 99,0%
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Income Statement Evolution
Managers and Directors
Robert D. Kleinman Chairman, CEO & General Counsel
Richard D. Kleinman President, Chief Operating Officer & Director
Joseph H. Goren Chief Financial Officer, Treasurer & VP
Mark LaBua Chief Information Officer & VP
Stephen Hess Director
Sector and Competitors