Lakeland Industries Announces The Acquisition Of Jolly Scarpe Footwear In An All-Cash Transaction Valued At ~$9.3M
Portfolio Pulse from Benzinga Newsdesk
Lakeland Industries, Inc. (NASDAQ:LAKE) has acquired Jolly Scarpe S.p.A. and Jolly Scarpe Romania S.R.L. for approximately $9.3 million in an all-cash transaction. This acquisition expands Lakeland's global fire services portfolio by adding Jolly's leading professional footwear for first responders. Jolly, with 150 employees and operations in Italy and Romania, is expected to contribute $14 to $16 million in sales revenue to Lakeland this fiscal year and be immediately accretive. The acquisition enhances Lakeland's product offerings and geographic presence, presenting cross-selling opportunities across Lakeland's global sales and distribution channels.
February 05, 2024 | 9:23 pm
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Lakeland Industries' acquisition of Jolly Scarpe is expected to significantly expand its fire services portfolio and enhance its geographic presence. The deal, valued at approximately $9.3 million, is anticipated to add $14 to $16 million in sales revenue to Lakeland this fiscal year and be immediately accretive.
The acquisition of Jolly Scarpe by Lakeland Industries is directly related to LAKE's strategic expansion in the global fire services market. The addition of Jolly's professional footwear for first responders complements Lakeland's existing product line, potentially enhancing its market position and revenue. The expected immediate accretion and significant sales revenue contribution indicate a positive short-term impact on LAKE's financial performance.
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