P&F Industries, Inc. announced it has entered into a definitive agreement to be acquired by private equity firm ShoreView Industries (“ShoreView”) in an all-cash transaction for $13.00 per share. The purchase price represents an approximately 97% premium to the closing stock price of the Company’s stock on October 12, 2023, the last trading day prior to announcing the transaction.
“We are pleased to reach this agreement with ShoreView, which provides significant premium cash value to our shareholders,” said Richard Horowitz, chairman of the Board, chief Executive Officer and president. “Following comprehensive outreach to potential parties, our Board determined that ShoreView is the right partner for P&F that brings deep knowledge within the manufacturing industry. As a private company, the Company will have additional financial and operational flexibility to pursue our strategy to better serve customers across our markets.”
“P&F brands are backed by talented teams that have worked hard to establish their reputation as a customer-focused, leading engineered solutions manufacturer. Through this partnership, we look forward to leveraging our sector expertise and resources to continue building on P&F’s longstanding heritage of providing high value tools for customers,” said Tom D’Ovidio, partner at ShoreView.
