Jungheinrich Aktiengesellschaft (XTRA:JUN3) entered into a definitive agreement to acquire Storage Solutions, Inc. from Merit Capital Partners, MFG Partners LLC and management of Storage Solutions for approximately $380 million on January 25, 2023. The total consideration consists of a purchase price of approximately $375 million and a flexible, performance-based component in the mid to high single digit percentage range of the purchase price which can be achieved by the retained Storage Solutions management over three years following completion of the transaction. The acquisition will be financed with available cash and debt with limited leverage impact. Bridge financing in the amount of ?300 million was taken out specifically for the purpose of partially financing the acquisition of Storage Solutions. No collateral was provided nor financial covenants agreed for this financing. For 2022, Storage Solutions reports revenues of approximately $290 million and an adjusted EBIT of approximately $34 million. The deal is subject to receipt of the merger control clearance in the United States. The executive board and supervisory board of Jungheinrich have approved the transaction. The completion of the acquisition, which is expected to take place in the second quarter of 2023. The acquisition is expected to be accretive to EPS, free cash flow per share and adjusted EBIT margin from the beginning. Morgan Stanley & Co. International plc is acting as financial advisor to Jungheinrich and Freshfields Bruckhaus Deringer is acting as legal advisor, while Deloitte has provided support during the due diligence process. Baird is acting as financial advisor to Storage Solutions and James Moriarty, Greg Cage, Justin Celt, Wallis Linker, Isabelle Perfetto, George Davis, Matthew Tippett, Malhar Naik, Eric Graffeo, Timothy Holahan, Yoojin DeNiro, Steven Argentieri, Jacqueline Klosek and Kara Kuritz of Goodwin Procter LLP is acting as legal advisor to Storage Solutions.

Jungheinrich Aktiengesellschaft (XTRA:JUN3) completed the acquisition of Storage Solutions, Inc. from Merit Capital Partners, MFG Partners LLC and management of Storage Solutions on March 15, 2023. Under the terms of agreement, consideration paid is along with net of cash acquired $19.5 million.