June 28, 2017, Toronto – Fire-service equipment provider MSA announced Wednesday it is buying gear maker Globe in a $215-million, all-cash deal.
The acquisition expands MSA's line of firefighting equipment; the companies said in a press release Wednesday morning that there is no product overlap.
Pittsfield, N.H.-based Globe makes boots and bunker gear; it is North America’s oldest and largest maker of firefighter protective clothing, having been founded in 1887. Globe launched its Athletix line of bunker gear in April.
MSA entered the breathing apparatus market in 1917; it has focused in the last few years on its customizable G1 SCBA and integrated thermal imaging camera.
MSA is based north of Cranberry Township, Pa.; it employs about 4,300 people worldwide, and had revenues of U.S. $1.15 billion in 2016.
MSA chairman and CEO William Lambert said the acquisition is significant given the focus on firefighter health and wellness.
“Given this trend, which is driving a need for multiple sets of turnout gear for individual firefighters, as well as heightened awareness concerning the importance of routine laundering and care, this acquisition nicely positions MSA and Globe to meet those needs . . . ,” Lambert said.
Globe president Don Welch said the deal is a good fit for both parties and ensures a solid future for Globe.
Globe spokesperson Mary Sartwell said in an email the deal is entering a 30-day waiting period for government review and due diligence.
“The transaction,” Sartwell said, “is about securing the future of Globe with an organization that is a good fit culturally and from a product synergy perspective and market coverage point of view."
“MSA recognizes the value of Globe products and our employees and sees the acquisition as part of its growth strategy.”
Globe is a fourth-generation, family-run organization that employs more than 400 associates across North America.
MSA’s Lambert emphasized both companies’ commitments to firefighter safety.
“The brands of MSA, Cairns Helmets (owned by MSA) and Globe represent more than 400 combined years of serving the fire service industry, with one common goal: protecting the health and safety of firefighters,” Lambert said.
“Our combined organization will leverage both companies’ deep knowledge of firefighter needs, as well as our intense dedication to the individual firefighter . . . ”
The deal is expected to close in the fourth quarter.
June 28, 2017
By Laura King
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