Business
Lakeland Industries Announces the Acquisition of Jolly Scarpe Footwear
Strategic Acquisition Expands Lakeland's Global Fire Services Portfolio with Jolly Scarpe's Leading Professional Footwear Offering for First
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Strategic Acquisition Expands Lakeland's Global Fire Services Portfolio with Jolly Scarpe's Leading Professional Footwear Offering for First RespondersHUNTSVILLE, AL / ACCESSWIRE / February 5, 2024 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the \"Company\" or \"Lakeland\"), a leading global manufacturer of protective clothing for industry, healthcare and first responders on the federal, state and local levels, announced today the acquisition of Italy and Romania-based Jolly Scarpe S.p.A. and Jolly Scarpe Romania S.R.L. (collectively, \"Jolly\") in an all-cash transaction valued at approximately $9.3 million subject to post-closing adjustments and customary holdback provisions.Jolly is a leading designer and manufacturer of professional footwear for the firefighting, military, police, and rescue markets. The company is headquartered in Montebelluna, Italy, with manufacturing operations in Bucharest, Romania, and has 150 employees. Jolly provides a differentiated product portfolio through its continued investment in research and development and use of modern materials and cutting-edge technologies in the production of its footwear. The existing staff and management team will remain in place and will continue to service customer needs.Jim Jenkins, Acting CEO and Executive Chairman of Lakeland, said, \"This strategic acquisition is another significant milestone in our global fire services expansion efforts, completing our ability to serve the world's firefighters from head-to-toe. Jolly's strong brand has a well-established reputation for quality and innovative professional footwear design and manufacturing in the growing first responder safety market. Jolly has a comprehensive range of boot models, styles, and certifications and has demonstrated the ability to develop new products and sell successfully around the world. We expect Jolly to add $14 to $16 million of sales revenue to Lakeland this fiscal year and to be immediately accretive.\"Mr. Jenkins added, \"This acquisition significantly expands Lakeland's fire product offerings to our existing customer base while enhancing our geographic presence in continental Europe and other international locales. Importantly, Jolly is highly complementary to Lakeland's current fire service business. The addition of Jolly's products and capabilities to Lakeland's portfolio presents another c...