Lakeland Industries (a leading global manufacturer of protective clothing for industry, healthcare and first responders on the federal, state and local levels) announced the acquisition of Italy and Romania-based Jolly Scarpe S.p.A. and Jolly Scarpe Romania S.R.L. 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 based in Montebelluna, Italy, with manufacturing operations in Bucharest, Romania, and has 150 employees. And 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 company’s existing staff and management team will remain in place and will continue to service customer needs.
Maynard Nexsen acted as legal advisor to Lakeland. And Walder Wyss Ltd. acted as legal advisor to Jolly.
KEY QUOTES:
“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.”
“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 compelling cross-selling opportunity that we will be able to leverage across Lakeland’s global sales and distribution channels. The combination of a complementary, premium product portfolio, global reach, talented team, and cross-selling opportunities makes this a great strategic fit for Lakeland.”
“We are excited to welcome Jolly to the Lakeland family.”
- Jim Jenkins, Acting CEO and Executive Chairman of Lakeland
