LOS ANGELES — July 7, 2021 — Gredale LLC announced today that it has entered into a definitive agreement with Maskco Technologies Inc. to acquire a majority interest in the Miami-based personal protective equipment manufacturer.
The companies have elected to not disclose the exact financial terms of the agreement however, Scott H. Weissman, CEO of Maskco Technologies, stated: “The enterprise valuation of Maskco Technologies was set at $4,400,000,000 based on an additional infrastructure investments and credit facilities totaling $400,000,000 and a performance based structured payout over the course of five years.”
Gredale and Maskco Technologies began a partnership in June of 2020 as a joint venture distribution agreement for the distribution of Maskco Technologies MTech 95 Respirators which was followed by a strategic manufacturing partnership, investment and credit facility totaling $100,000,000 by Gredale in November of 2020.
In addition to the acquisition of the majority interest of common stock, Gredale will now oversee all manufacturing and packaging of the MTech 95 Respirator in various production facilities throughout the United States, and will also oversee all distribution of the MTech 95 Respirator in North America, South America, Europe, Africa and Asia.
“The acquisition of Maskco Technologies furthers our strategic vision of becoming the largest manufacturer of personal protective equipment in the United States,” said Greg Lorber, CEO of Gredale. “Since beginning our partnership with Maskco Technologies, we have seen a huge demand for high quality, Berry Compliant protective respirators which Maskco Technologies has proven they can produce at a cost that can compete with products produced overseas. More importantly, we are proud to be able to domestically produce the MTech-95 in quantities sufficient to ensure our country is never left dependent on protective respirators from overseas, especially in the event of a future pandemic,” Lorber added.
Upon the completion of the transaction, Scott H. Weissman shall continue as CEO of Maskco Technologies and will also be appointed to the Board of Directors of Gredale.
Posted July 7, 2021
Source: Gredale, LLC