Hamilton Beach Brands acquires Ohio-based Weston Products
Richmond-based Hamilton Beach Brands Inc. has acquired Weston Products LLC from Highgate Capital LLC.
Weston Products, based in Strongsville, Ohio, makes specialty food processing products, including meat grinders, vacuum sealers, food dehydrators and meat slicers. Weston Products will become Weston Brands under Hamilton Beach.
Hamilton Beach acquired substantially all of the assets and assumed certain liabilities of Weston Products for cash consideration based on a multiple of Weston's estimated 2014 EBITDA (earnings before interest, taxes, depreciation and amortization).
The final purchase price is subject to customary post-closing adjustments based on net working capital and EBITDA calculations. Hamilton Beach funded the acquisition with cash on hand and borrowings under an existing revolving credit facility.
Hamilton Beach said the acquisition allows it to expand beyond its small-kitchen and commercial-appliance businesses into the growing hunting, wild-game processing, specialty-food processing and specialty-housewares industries.
For the 12 months ending Sept. 30, Weston had revenue of approximately $32.7 million, pre-tax income of approximately $3.2 million and EBITDA of about $3.3 million.
Hamilton Beach is a subsidiary of Cleveland-based NACCO Industries Inc.