Hamilton Beach Brands, Inc. Announces Acquisition of Weston Products, No Terms Disclosed

Hamilton Beach Brands, Inc. announced today 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 develops, markets and distributes appliances and accessories under the proprietary Weston brand and private label brands for consumers who are hunters, gardeners and food enthusiasts who have a passion for Farm-to-Table and Field-to-Table foods and knowing the origin of their food. 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. "We are thrilled to welcome the Weston team and their consumers and vendors to the Hamilton Beach Brands family," said Greg Trepp, president and chief executive officer, Hamilton Beach Brands, Inc. "Through the combination of the highly talented Weston organization along with our own dedicated employees, we believe we can achieve significant opportunities for future growth and profitability in line with our strategic initiatives," he added. Michael Caspar, Weston's chief executive officer, stated: "We are pleased that this transaction will offer immediate value to our employees as well as exciting new opportunities to our customer base. Over the past few years we have had much success in the hunting, wild game processing and specialty housewares industries. I believe our organization and culture will merge well with Hamilton Beach's and Weston will achieve even greater success with the combined company." Bruml Capital Corporation advised Weston Products LLC on this transaction.