P&F Industries, Inc. (NASDAQ: PFIN) announced it hasacquired all of the outstanding equity interests of Universal Air Tool CompanyLimited (“UAT”). UAT marketsits pneumatic tools primarily to the automotive market in England and Ireland. The purchase price consisted of approximately$1,950,000 in cash, subject to a post-closing working capital adjustment. In addition, there is a potential contingentconsideration payment due to the former shareholders of UAT of a maximum ofapproximately $425,000. The newlyacquired company will be a wholly-owned subsidiary of P&F’s subsidiary,Florida Pneumatic Manufacturing Corporation. The Company believes that this acquisition will be immediately accretiveto earnings.
Richard Horowitz, P&F’s Chairman, President and ChiefExecutive Officer, explained, “We are pleased to announce that this is thesecond acquisition of a pneumatic tool company in the past month. With this latest acquisition, Universal AirTool Company Limited provides P&F with its first direct entry into theEuropean market, and gives us an additional market to sell our FloridaPneumatic and newly acquired AIRCAT brand tools. We are excited about the potential growthopportunities and anticipated transformative effect provided by thisacquisition, along with the Exhaust Technologies, Inc. acquisition, as wecontinue our objective to become the “go to” provider in theautomotive air tool industry.”
About P&F Industries, Inc.
P&F Industries, Inc., through its two wholly ownedsubsidiaries, Continental Tool Group, Inc. and Countrywide Hardware, Inc., manufacturesand/or imports air-powered tools sold principally to the industrial, retail andautomotive markets, and various residential hardware such as fencing hardwareand door and window hardware primarily to the housing industry. P&F’s products are sold under their owntrademarks and trade names, as well as under the private labels of majormanufacturers and retailers.
About Universal Air Tool Company Limited.
Universal Air Tool Company Limited is the market leaderin pneumatic air tool distribution to the automotive sector in the UnitedKingdom. The company offers a wide array of products designed with high qualitystandards, an acute interest in its customer’s requirements and satisfactionalong with total specialization within the pneumatic tool market. These products are designed to meet strictEuropean requirements.