P&F Industries, a leading manufacturer of tools and accessories, has announced that it will be acquired by private-equity firm ShoreView Industries in an all-cash deal. The deal, valued at about $41.5 million, will see ShoreView pay $13.00 per share to take P&F Industries private.
Tools Powered by Compressed Air
P&F Industries’ Florida Pneumatic subsidiary specializes in the production of tools that are powered by compressed air, offering a reliable alternative to traditional electric or battery-powered tools. Their product range includes sanders, drills, and impact wrenches. In addition, the company’s Hy-Tech business manufactures accessories and replacement parts for a variety of industries.
Share Value and Performance
With an outstanding share count of approximately 3.19 million, the acquisition values P&F Industries at $41.5 million. Despite challenges faced by the industry, shares of P&F have surged nearly 31% this year, closing at $6.60 on Thursday.
The acquisition is expected to be completed in the fourth quarter, pending regulatory approval. Richard Horowitz, P&F Chief Executive and Chairman, has already committed to voting his shares, which account for over 45% of outstanding shares, in favor of the deal.