Worthington Industries Acquires Drywall Tools Company Level5® Tools, LLC
COLUMBUS, Ohio, June 2, 2022 –Worthington Industries, Inc. (NYSE: WOR) today announced the acquisition of Level5® Tools, LLC, a leading supplier of drywall tools, including automatic drywall tools. bonding and finishing drywall, skimming blades, tools and accessories. The acquisition expands Worthington’s brands and consumer product offerings in its tools category. Level5 serves drywall finishing professionals and do-it-yourselfers through a network of distributors and retailers and dominates the drywall tools market in online sales.
“We are delighted to welcome Level5 to the Worthington family and to our growing portfolio of consumer brands. Together with our current range of tool products through our General, Bernzomatic, Mag-Torch and Pactool brands, Level5 expands our offerings and introduces exciting new products to end markets,” said Steve Caravati, president of consumer products at Worthington Industries.
“Level5 was the first to introduce a full line of drywall tools to the market and has always been a pioneer in the industry, leading innovation in the development of new products and the way they are put on the market.” He added, “We look forward to leveraging these synergies and their strong reputation for quality and best-in-class customer service, to grow the brand and bring more innovative products and value to our customers.
Founded in 2011, Level5 Tools is located in Kansas City, KS and employs approximately 30 people. The permanent management team, including founder and CEO Scott Murray, will continue to lead the business. The purchase price was approximately $55 million, with a potential gain of up to $25 million based on performance through 2024. For the last twelve months ended April 30, 2022, Level5 generated revenue net sales of $32.7 million and EBITDA of $6.2 million.
About Worthington Industries
Worthington Industries (NYSE: WOR) is a leading industrial manufacturing company that pursues its vision of being a transformative partner to its customers, a force for good in its communities, and to generate exceptional returns for its shareholders. For more than six decades, the company has provided innovative solutions to customers spanning industries such as automotive, energy, retail and construction. Worthington is North America’s leading value-added steel fabricator and producer of laser-welded and electrical sheet steel solutions that provide lightweight, safety-critical and emissions-reducing components to the mobility market. With on-board fueling systems and gas containment solutions, Worthington serves the growing global hydrogen ecosystem. The company’s focus on innovation and manufacturing expertise extends to market-leading consumer products in the tool, outdoor living and celebration categories, sold under the Coleman® brands, Bernzomatic®, Balloon Time®, Level5 Tools®, Mag Torch®, Well-X -Trol®, General®, Garden-Weasel®, Pactool International® and Hawkeye™; as well as market-leading building products including water systems, heating and cooling solutions, architectural and acoustical grid ceilings, steel framing and accessories.
June 2, 2022
Headquartered in Columbus, Ohio, Worthington operates 58 facilities in 15 states and nine countries, sells in more than 90 countries and employs approximately 9,500 people. Founded in 1955, the company follows a people-oriented philosophy with the primary corporate objective of making money for its shareholders. Relentlessly seeking new ways to grow and transform, Worthington is committed to providing better solutions for its customers and improving the communities where it operates by reducing waste, supporting community-based nonprofits, and developing the next generations of manufacturers.
About Level5 Tools, LLC
Level5 is an industry leading premium quality producer and supplier of the widest range of drywall taping tools based in Kansas City, KS. Level5 has been perfecting its line of drywall tools since 2011, and through its extensive product line, serves thousands of professional finishers in the United States, Canada and other countries. Through the feedback and voice of its customers, Level5 has become the leading innovator of tools that make installing and finishing drywall easier, more efficient, and ultimately more profitable for its customers. Level5 works through a wide variety of distribution partners and also reaches its end users through direct-to-consumer channels.
Safe Harbor Statement
Worthington Industries wishes to take advantage of the safe harbor provisions included in the Private Securities Litigation Reform Act of 1995 (the “Act”). Statements by Worthington Industries that are not historical information constitute “forward-looking statements” within the meaning of the Act. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Factors that could cause actual results to differ materially include the risks, uncertainties and impacts described from time to time in Worthington Industries’ filings with the Securities and Exchange Commission, including those relating to COVID-19 and various measures taken in this regard, which could also increase other risks.