MELVILLE, N.Y., Dec. 20,
2023 /PRNewswire/ -- P&F Industries, Inc.
("P&F" or the "Company") (NASDAQ: PFIN) today announced the
completion of its sale to ShoreView Industries ("ShoreView"). Under the terms of the
transaction, P&F shareholders will receive $13.00 per share in cash. With the completion of
the transaction, P&F's common stock has ceased trading and will
no longer be listed on the NASDAQ Global Select Market.
Richard Horowitz, Chairman of the
Board, Chief Executive Officer and President, said, "The closing of
this transaction represents the beginning of a new chapter for
P&F, and we are excited for what the future holds. We are proud
of the leadership position we have built and believe we are well
prepared to advance our business and continue delivering high value
tools for our customers with the expertise of the Shoreview team."
Tom D'Ovidio, Partner at ShoreView, said, "We are pleased to
complete the transaction and are moving forward in partnership with
the P&F team to accelerate P&F's growth."
Advisors
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel to the Special Committee. East Wind Securities initiated
the transaction and is serving as exclusive financial advisor to
P&F and Ruskin Moscou Faltischek, P.C. is serving as legal
advisor to P&F.
Sidley Austin LLP is serving as legal advisor to ShoreView.
ABOUT P&F INDUSTRIES, INC.
P&F Industries, Inc., through its wholly owned subsidiaries,
is a leading manufacturer and importer of air-powered tools and
accessories sold principally to the aerospace, industrial,
automotive, and DIY markets. P&F's products are sold under its
own trademarks, as well as under the private labels of major
manufacturers and retailers.
ABOUT SHOREVIEW
Founded in 2002, ShoreView is a
Minneapolis-based private equity
firm that has raised over $1.3
billion of committed capital across four funds. ShoreView partners with family and
entrepreneur-owned companies across many sectors, including
engineered products, distribution, industrial services, business
services, healthcare, and niche consumer products. Shoreview structures various acquisition,
recapitalization, and build-up transactions, typically in
businesses with revenues ranging between $20
million and $300 million.
If you are interested in speaking with ShoreView about add-on or platform investment
opportunities, please contact Garrett
Davis at garrett@shoreview.com.
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SOURCE P&F Industries, Inc.