Graham Corporation acquired P3 Technologies, LLC for $12.8 million.
November 09, 2023
Share
Graham Corporation (NYSE:GHM) acquired P3 Technologies, LLC on November 9, 2023. The stock element of the purchase price is valued at $2 million and the number of shares of Company?s common stock issued as part thereof was determined using a stock price of $15.92, which represents the average closing price for the Company?s common stock for the 10 trading days ending on November 3, 2023. Deborah K. Pawlowski of Kei Advisors LLC acted as financial advisor to Graham Corporation.
Graham Corporation (NYSE:GHM) completed the acquisition of P3 Technologies, LLC for $12.8 million on November 9, 2023. Cassel Salpeter & Co., LLC acted as financial advisor to sellers of P3 Technologies. The purchase price for P3 was $10,494 and was comprised of 125,000 shares of our common stock, representing a value of $2,117,000 at a price of $16.85 per share, and cash consideration of $7,098, subject to certain potential adjustments, including a customary working capital adjustment. The purchase agreement included a contingent earn-out dependent upon certain financial measures of P3 post-acquisition, in which the sellers are eligible to receive up to $3,000,000 in additional cash consideration. The cash consideration was funded through borrowings on our line of credit. GHM also assumed $0.286 million of cash and $0.585 million of liabilities of P3.
Graham Corporation is engaged in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. For the defense industry, its equipment is used in nuclear and non-nuclear propulsion, power, fluid transfer, and thermal management systems. For the space industry, its equipment is used in propulsion, power, and energy management systems and for life support systems. For the chemical and petrochemical industries, its equipment is used in fertilizer, ethylene, methanol, and downstream chemical facilities. It manufactures critical, custom-engineered products, including power plant systems, torpedo ejection and power systems, power generation systems, chemical and petrochemical processing, and cooling systems, heat transfer and vacuum systems, molten salt reactor development, downstream petrochemical plants, superconducting cable and magnet cooling and conventional oil refining, among others.
GRAHAM CORPORATION 
