Hamilton Beach Buys Weston Products

(RTTNews) - Hamilton Beach Brands Inc, a maker of small electric household appliances and a part of NACCO Industries Inc (NC), on Tuesday said it acquired Weston Products LLC from Highgate Capital LLC.

Weston Products, which will become Weston Brands under Hamilton Beach Brands, is headquartered in Strongsville, Ohio and is a leader in specialty food processing products.

Weston developss appliances and accessories under the proprietary Weston brand and private label brands for consumers who are hunters, gardeners and food enthusiasts. Weston's appliances include meat grinders, vacuum sealers, food dehydrators, meat slicers among many others.

Hamilton Beach Brands 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.

The final purchase price is subject to customary post-closing adjustments based on net working capital and EBITDA calculations. The acquisition was funded with cash on hand and borrowings under Hamilton Beach's existing revolving credit facility.

The Weston acquisition allows Hamilton Beach to expand beyond its small kitchen and commercial appliance businesses into the growing hunting, wild game processing, specialty food processing and specialty housewares industries.

The acquisition is also fully supportive of Hamilton Beach's strategic initiatives, including enhancing placements in the North American consumer market, enhancing internet sales and participating in the only-the-best market.

For the last twelve months ended September 30, 2014, Weston had revenue of approximately $32.7 million, pre-tax income of approximately $3.2 million and EBITDA of approximately $3.3 million. Hamilton Beach expects the acquisition to be accretive to earnings in 2015.