CSW Industrials, Inc. acquired Shoemaker Manufacturing Co. for $44 million.
December 14, 2021
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CSW Industrials, Inc. (NasdaqGS:CSWI) acquired Shoemaker Manufacturing Co. for $43.3 million on December 15, 2021. CSWI funded the transaction with a combination of cash on hand, borrowings under its existing $400 million revolving credit facility and approximately 25,500 shares of common stock issued to the sellers. The terms of the acquisition provide for additional contingent consideration of up to $2 million based on Shoemaker achieving certain financial performance milestones in the first quarter of calendar 2022.
CSW Industrials, Inc. (NasdaqGS:CSWI) completed the acquisition of Shoemaker Manufacturing Co. for $43.5 million on December 15, 2021. The aggregate purchase price was comprised of initial cash consideration of $38.5 million, 25,483 shares of the CSW's common stock valued at $3.0 million at transaction close and additional contingent consideration of up to $2.0 million based on Shoemaker meeting a defined financial target during the quarter ended March 31, 2022.
CSW Industrials, Inc. is a diversified industrial company with operations in three segments, namely Contractor Solutions, Engineered Building Solutions and Specialized Reliability Solutions. The Contractor Solutions segment manufactures efficiency and performance enhancing products for residential and commercial heating, ventilation, air conditioning and refrigeration and plumbing applications, which are designed for professional end use customers. Its brands include Balco, Balco IllumiTread, Balco MetaflexPro and BlazeSeal. The Engineered Building Solutions segment provides primarily code-driven, life-safety products that are engineered to provide solutions for the construction, refurbishment and modernization of commercial, institutional and multi-family residential buildings. The Specialized Reliability Solutions segment manufactures and supplies specialized consumables that impart or enhance properties, such as lubricity, anti-seize qualities, friction, sealing, and heat control.