MSA acquires firefighter turnout gear manufacturer Globe Mfg. Co.
With this acquisition, MSA said it strengthens its position as a leader in the North American market for firefighter personal protective equipment (PPE), while expanding its core product portfolio in a key customer segment. Transaction is valued at $215 million, or approximately two times revenue and 9 times EBITDA on trailing 12-month basis.
Based in Pittsfield, NH, Globe is a leading innovator and provider of firefighter protective clothing and boots, with annual revenue of approximately $110 million and 420 employees at four U.S. locations.
Said William M. Lambert, MSA Chairman and CEO: “With virtually no product overlap, this acquisition aligns extremely well with our corporate strategy. It strengthens our leading position in the North American fire service market and it expands our Core Product portfolio in a key customer segment.”
Founded in 1887, Globe is North America’s oldest and largest manufacturer of firefighter protective clothing – referred to as “turnout gear” in the fire service industry.
Most recently, the company introduced a line of athletic-inspired turnout gear featuring fabrics that are significantly lighter in weight when compared to conventional gear. Called ATHLETIX™, the new protective clothing integrates stretch fabrics that allow a close, body-contoured fit to provide an unprecedented range of motion and flexibility.
“The acquisition of Globe comes at a time when the fire service industry is undergoing a significant mindset shift regarding firefighter health and wellness,” Mr. Lambert noted. “Given this trend, which is driving a need for multiple sets of turnout gear for individual firefighters, as well as a heightened awareness concerning the importance of routine laundering and care, this acquisition nicely positions MSA and Globe to meet those needs as well as any potential increase in the demand for firefighter turnout gear,” Mr. Lambert said.