Lakeland Industries Completes Acquisition of Veridian, Expands Portfolio of Firefighter Protective Gear

Lakeland Industries, Inc. (NASDAQ: LAKE) has recently finalized the acquisition of Veridian Limited, an Iowa corporation specializing in the design, manufacturing, and distribution of firefighter protective clothing and gear. The Stock Purchase Agreement between Lakeland Industries and the Seller, William A. Van Lent, was executed and closed on December 16, 2024.

Under the Purchase Agreement, Lakeland Industries acquired Veridian for a total Purchase Price of $25.0 million, with additional adjustments post-closing and a $2.5 million holdback for indemnification purposes. The acquisition agreement also includes standard representations, warranties, and covenants, along with indemnification clauses for both parties.

The funding for this transaction was facilitated through Lakeland’s credit facility. Additionally, an Amendment No. 5 to the Loan Agreement was entered into with Bank of America, N.A. to increase Lakeland’s revolving credit facility availability, modify existing covenants, and extend the maturity date of the credit facility to December 12, 2029.

Veridian, founded in 1992, is well-known for its firefighter protective apparel, generating approximately $21 million in annual revenue. The strategic acquisition aligns with Lakeland’s objective to enhance its global fire services portfolio and strengthen its competitive position in the market. Veridian’s offerings will complement Lakeland’s existing product line, leading to immediate market share gains in the U.S. and Latin America.

This acquisition provides Lakeland with expanded manufacturing capabilities in the U.S., a broader sales network, and increased market presence domestically and internationally. The transaction is seen as a significant step towards bolstering Lakeland’s offerings in the firefighting segment and positioning the company for further growth in the industry.

Lakeland Industries issued a press release on December 16, 2024, providing details about the acquisition of Veridian. The completion of this deal marks a milestone for Lakeland as it continues to broaden its reach and product offerings within the protective clothing sector.

Please note that the information furnished here is a summary of the 8-K SEC filing submitted by Lakeland Industries. For more detailed information, refer to the official documents to be filed with the Company’s Annual Report on Form 10-K for the fiscal year ending January 31, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Lakeland Industries’s 8K filing here.

About Lakeland Industries

Lakeland Industries, Inc manufactures and sells industrial protective clothing and accessories for the industrial and public protective clothing market worldwide. It offers firefighting and heat protective apparel to protect against fire; high-end chemical protective suits to provide protection from highly concentrated, toxic and/or lethal chemicals, and biological toxins; and limited use/disposable protective clothing, such as coveralls, laboratory coats, shirts, pants, hoods, aprons, sleeves, arm guards, caps, and smocks.