By Will Feuer
P&F Industries has agreed to be bought for about $41.5 million in an all-cash deal by private-equity firm ShoreView Industries.
P&F Industries’ Florida Pneumatic subsidiary makes tools, including sanders, drills and impact wrenches, that are powered by compressed air instead of electricity or a battery. The company’s Hy-Tech business makes accessories and replacement parts for various industries.
ShoreView Industries has agreed to pay $13.00 a share to buy the company in a take-private deal. Based on an outstanding share count of about 3.19 million, the deal would value P&F Industries at $41.5 million.
Shares of P&F closed Thursday at $6.60, up nearly 31% so far this year.
The companies expect the deal to close in the fourth quarter. P&F Chief Executive and Chairman Richard Horowitz has agreed to vote his shares, which represent more than 45% of outstanding shares, in favor of the deal.
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