Acme United Corporation Acquires Assets of Med-Nap LLC
December 16 2020 - 3:33PM
Acme United Corporation (NYSE American: ACU) today announced that
it has acquired the assets of Med-Nap LLC., a leading manufacturer
of alcohol prep pads, alcohol wipes, benzalkonium chloride wipes
(BZK), antiseptic wipes, castile soap, and lens cleaning products.
Med-Nap has estimated revenues in 2020 of
approximately $4.9 million and EBITDA of approximately $1.0
million. The purchase price was not disclosed. The acquisition is
expected to be accretive commencing in the first quarter of 2021.
The company, based in Brooksville, Florida, was founded in 2007 and
employs 25 people.
Walter C. Johnsen, Chairman and CEO, said, “The
acquisition of Med-Nap’s business provides our company with an
FDA-registered manufacturing facility in the U.S. for antiseptic
wipes and pads that are used in all our first aid kits and refills.
In addition, it adds new product lines of alcohol wipes that are
sold to the retail, industrial, and medical markets to meet
cleaning and sterilization needs now and post pandemic. We look
forward to expanding production to fulfill current requirements as
well as that of future new products and customers.”
Mr. Johnsen continued, “We are delighted to
welcome the Med-Nap team to Acme United and look forward to
building our business with them.”
Pierre Sanfacon, Founder and President of Med-Nap,
added, “I, too, am very pleased with our combination with Acme
United. I see a major opportunity working together and look forward
to our expansion.” Further information on Med-Nap is available at
its website, www.mednap.us
ACME UNITED CORPORATION is a
leading worldwide supplier of innovative safety solutions and
cutting technology to the school, home, office, hardware, sporting
goods and industrial markets. Its leading brands include First Aid
Only®, First Aid Central®, PhysiciansCare®, Pac-Kit®, Spill
Magic®, Westcott®, Clauss®, Camillus®, Cuda®, and DMT®. For more
information, visit www.acmeunited.com.
Forward-looking statements in this report,
including without limitation, statements related to the Company’s
plans, strategies, objectives, expectations, intentions and
adequacy of resources, are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements
involve risks and uncertainties including, without limitation, the
following: (i) changes in the Company’s plans, strategies,
objectives, expectations and intentions, which may be made at any
time at the discretion of the Company; (ii) the impact of
uncertainties in global economic conditions, including the impact
on the Company’s suppliers and customers; (iii) changes in client
needs and consumer spending habits; (iv) the impact of competition
and technological changes on the Company; (v) the Company’s ability
to manage its growth effectively, including its ability to
successfully integrate any business it might acquire; (vi) currency
fluctuations; (vii) increases in the cost of borrowings resulting
from rising interest rates; (viii) international trade policies and
their impact on demand for our products and our competitive
position, including the imposition of new tariffs or changes in
existing tariff rates; and (ix) other risks and
uncertainties indicated from time to time in the Company’s filings
with the Securities and Exchange Commission.
CONTACT:Paul G. DriscollAcme United
Corporation55 Walls DriveFairfield, CT 06824Phone: (203)
254-6060FAX: (203) 254-6521
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