Lakeland Industries, a leading global manufacturer of protective clothing and apparel for industry, healthcare and first responders, announced the completion of the sale of its High Performance Flame Resistant (“HPFR”) and High-Visibility (“HiViz”) product line to National Safety Apparel (“NSA”), a U.S.-based manufacturer of purpose built PPE.
This sale represents an important step in Lakeland’s ongoing effort to streamline its portfolio and focus investment on its head-to-toe global Fire portfolio and core industrial PPE business.
NSA serves industrial, utility and public-sector customers across key industrial safety categories, including flame-resistant workwear, arc flash and electrical PPE and high-heat industrial protection. Lakeland believes NSA is well positioned to support the HPFR and HiViz business going forward. Lakeland will provide transitional support under a services agreement to help ensure an orderly handoff for customers.
“This transaction reflects our continued focus on aligning Lakeland’s portfolio with our long-term strategy,” said Jim Jenkins, President and Chief Executive Officer of Lakeland. “Over the past two years, we have significantly expanded our fire services platform through acquisition and organic investment, and this divestiture allows us to further concentrate on those opportunities while sharpening our focus on our core industrial PPE markets. The business we divested did not align with Lakeland’s core industrial product strategy. NSA’s dedicated focus on PPE across multiple end markets makes them the right home for this business and its customers.”
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Lakeland has expanded its fire services portfolio through acquisitions and internal initiatives across the United States, Europe and Australia. Today, the Company offers fire protection products and related services including turnout gear, helmets, gloves, boots, apparel, decontamination, repair and rental solutions.
The proceeds from the transaction are expected to support Lakeland’s balance sheet and provide additional flexibility to invest in its fire services strategy.
“This transaction allows us to realize value from the HPFR and HiViz business while increasing our flexibility to allocate capital toward the areas of Lakeland where we see the strongest long-term opportunity,” said Calven Swinea, Chief Financial Officer of Lakeland.
Cherry Tree & Associates served as financial advisor to Lakeland. Maynard Nexsen acted as legal advisor to Lakeland.
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