Worthington Industries Acquires Drywall Tools Company Level5® Tools, LLC
June 02 2022 - 4:05PM
Worthington Industries, Inc. (NYSE:WOR) today announced the
acquisition of Level5® Tools, LLC, a leading provider of drywall
tools, including automatic drywall taping and finishing tools,
skimming blades, hand tools and accessories. The acquisition
expands Worthington’s consumer products brands and offerings in its
tools category. Level5 serves drywall finishing professionals and
DIYers through a network of distributors and retailers and leads
the drywall tools market in online sales.
“We’re excited to welcome Level5 to the Worthington family and
our growing portfolio of consumer brands. Together, with our
current lineup of tool products through our General, Bernzomatic,
Mag-Torch and Pactool brands, Level5 expands our offerings and
introduces attractive new end markets,” said Worthington Industries
President of Consumer Products Steve Caravati.
“Level5 was the first to introduce a complete drywall tool line
to the market and has consistently been a pioneer in the industry,
leading with innovation in new product development and in the way
they go to market.” He added, “We look forward to building on these
synergies and their strong reputation for top quality and customer
service, to grow the brand and bring more innovative products and
value to our customers.”
Founded in 2011, Level5 Tools is located in Kansas City, KS and
employs approximately 30 people. The tenured management team,
including Founder and CEO Scott Murray, will continue to run the
business. The purchase price was approximately $55 million, with a
potential earn out of up to $25 million based upon performance
through 2024. For the trailing twelve months ended April 30, 2022,
Level5 generated net revenue of $32.7 million and EBITDA of $6.2
million.
About Worthington IndustriesWorthington
Industries (NYSE:WOR) is a leading industrial manufacturing company
pursuing its vision to be the transformative partner to its
customers, a positive force for its communities and earn
exceptional returns for its shareholders. For over six decades, the
Company has been delivering innovative solutions to customers
spanning industries such as automotive, energy, retail and
construction. Worthington is North America’s premier value-added
steel processor and producer of laser welded solutions and
electrical steel laminations that provide lightweighting, safety
critical and emission reducing components to the mobility market.
Through on-board fueling systems and gas containment solutions,
Worthington serves the growing global hydrogen ecosystem. The
Company’s focus on innovation and manufacturing expertise extends
to market-leading consumer products in tools, outdoor living and
celebrations categories, sold under brand names, Coleman®,
Bernzomatic®, Balloon Time®, Level5 Tools®, Mag Torch®,
Well-X-Trol®, General®, Garden-Weasel®, Pactool International® and
Hawkeye™; as well as market leading building products, including
water systems, heating & cooling solutions, architectural and
acoustical grid ceilings and metal framing and accessories.
Headquartered in Columbus, Ohio, Worthington operates 58
facilities in 15 states and nine countries, sells into over 90
countries and employs approximately 9,500 people. Founded in 1955,
the Company follows a people-first philosophy with earning money
for its shareholders as its first corporate goal. Relentlessly
finding new ways to drive progress and transform, Worthington is
committed to providing better solutions for customers and bettering
the communities where it operates by reducing waste, supporting
community-based non-profits and developing the next generations of
makers.
About Level5 Tools, LLCLevel5
is a premium quality, industry-leading producer and supplier of the
broadest line of drywall taping tools, based in Kansas City,
KS. Level5 has been perfecting its line of drywall tools since
2011 and through its broad product family, serves thousands of
professional finishers throughout the USA, Canada and other
countries. With the feedback and voice of its customers, Level5 has
become the leading innovator of tools that make drywall
installation and finishing easier, more efficient and ultimately
more profitable for its customers. Level5 works through a wide
variety of channel partners and reaches its end-users via
direct-to-consumer channels as well.
Safe Harbor StatementWorthington Industries
wishes to take advantage of the Safe Harbor provisions included in
the Private Securities Litigation Reform Act of 1995 (the “Act").
Statements by Worthington Industries which are not historical
information constitute "forward looking statements" within the
meaning of the Act. All forward-looking statements are subject to
risks and uncertainties which could cause actual results to differ
from those projected. Factors that could cause actual results to
differ materially include risks, uncertainties and impacts
described from time to time in Worthington Industries’ filings with
the Securities and Exchange Commission, including those related to
COVID-19 and the various actions taken in connection therewith,
which could also heighten other risks.
SONYA L. HIGGINBOTHAMVP, CORPORATE
COMMUNICATIONS AND BRAND
MANAGEMENT614.438.7391 | sonya.higginbotham@worthingtonindustries.com
MARCUS A. ROGIERTREASURER AND
INVESTOR RELATIONS OFFICER614.840.4663 |
marcus.rogier@worthingtonindustries.com
200 Old Wilson Bridge Rd. | Columbus, Ohio 43085WorthingtonIndustries.com
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