Bodycote plc (LSE:BOY) agreed to acquire Lake City Heat Treating Corp. from Davis family on October 6, 2023. In a related transaction, Bodycote agreed to acquire Stack Metallurgical Group on October 6, 2023. The combined gross consideration for the acquisitions is $145 million on a cash and debt free basis and will be subject to customary closing adjustments. The combined acquisition multiple is less than 9x expected 2024 EBITDA, taking into account tax benefits and synergies. Completion of the acquisitions is subject to regulatory clearance and will be funded out of existing Group credit facilities. They will be accretive to Group margins and earnings per share from the first year post completion and are expected to exceed Bodycote's cost of capital in 2025. Lazard acted as exclusive financial advisor to Bodycote on the acquisition of Lake City HT and Stack Metallurgical Group.

Bodycote plc (LSE:BOY) completed the acquisition of Lake City Heat Treating Corp. from Davis family for $66.5 million on January 19, 2024. Bodycote announced the termination of its agreed purchase of another US HIP company, Stack Metallurgical Group, after certain closing conditions outlined in the agreement have not been met.