Kewaunee Scientific Corporation Completes Acquisition of Nu Aire

Core Viewpoint - Kewaunee Scientific Corporation has successfully acquired Nu Aire for $55 million, enhancing its capabilities in laboratory furniture and technical product design and manufacturing [1][2]. Group 1: Acquisition Details - The acquisition price of Nu Aire is $55 million, subject to adjustments for debt, cash, transaction expenses, and net working capital [1]. - Nu Aire specializes in manufacturing biological safety cabinets, airflow products, CO2 incubators, ultralow freezers, and other laboratory equipment, serving various industries including life sciences, healthcare, and education [1][6]. Group 2: Strategic Benefits - This acquisition allows Kewaunee to combine its strengths with Nu Aire's established market presence and product portfolio, enhancing its ability to meet diverse laboratory needs [2]. - Nu Aire has distribution partners in regions where Kewaunee previously lacked presence, facilitating market expansion [2]. - The combined organization is expected to improve operating performance and customer relationships through complementary products and operational synergies [5]. Group 3: Market Position and Growth Potential - Nu Aire's product line is recognized for innovation and reliability, catering to recession-resistant sectors such as healthcare and life sciences, which are expected to continue thriving during economic slowdowns [3]. - With a diversified customer base, Nu Aire is not overly reliant on any single customer or market segment, positioning it well for global growth [3]. - Ongoing global investments in life sciences, healthcare, and education sectors provide favorable conditions for Nu Aire's continued expansion [3]. Group 4: Company Backgrounds - Kewaunee Scientific Corporation, founded in 1906, is a global leader in laboratory, healthcare, and technical furniture products [7]. - Nu Aire, founded in 1971, is the North American market leader in biological safety cabinets and airflow products, with a comprehensive range of laboratory equipment [6].