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Unifrax has successfully acquired Lydall (NYSE: LDL), creating a leading global specialty materials platform focused on innovative battery materials, filtration solutions, and energy-saving technologies. This merger positions the combined company to significantly enhance product offerings in fossil fuel reduction, energy storage, and air quality. The strategic integration aims to leverage Clearlake Capital's operational expertise for growth through both organic initiatives and further acquisitions.
OptimizeRx Corp. (NASDAQ: OPRX) is set to replace Lydall Inc. (NYSE: LDL) in the S&P SmallCap 600 index effective October 4, 2021. This change is occurring as Clearlake Capital Group is acquiring Lydall, with the deal expected to close around October 1. This addition marks a significant milestone for OptimizeRx, aligning it with a key financial benchmark, while Lydall will be removed from the index.
Unifrax Holdings has priced an offering of $800 million in 5.250% Senior Secured Notes due 2028 and $400 million in 7.500% Senior Notes due 2029 as part of its merger with Lydall, Inc. (LDL). The offering is meant to finance the merger and repay Lydall's existing debt of $261 million and related expenses. The sale is expected to close by September 30, 2021. Proceeds will be held in escrow if the merger is not finalized by July 21, 2022.
Lydall shareholders have approved a merger with Unifrax, with approximately 77.5% of votes in favor. The special meeting saw 14,021,456 shares vote out of 18,037,202 outstanding shares. The merger agreement, dated June 21, 2021, is expected to close within 30 days. Other proposals regarding executive compensation and meeting adjournment were also addressed, with substantial support for management payouts linked to the merger. This approval marks a significant step in Lydall's strategic development.
Unifrax Holdings has announced a proposal to issue $700 million in Senior Secured Notes due 2028 and $500 million in Senior Notes due 2029 to finance its merger with Lydall, Inc. (LDL). The merger will see Lydall operate as a wholly owned subsidiary of Unifrax. Proceeds will also be utilized to repay Lydall's existing debt of $261 million and a $250 million second lien term loan, among other expenses. The offering is subject to market conditions but is not contingent on the merger's completion, although both events must align by July 21, 2022.
Lydall, Inc. (NYSE: LDL) reported Q2 2021 net sales of $221.7 million, up 51.7% year-over-year, driven by strong demand across all segments. Gross margin improved to 21.6%, and net income reached $5.8 million or $0.32 per diluted share, compared to a loss of ($0.34) per share in Q2-2020. Adjusted EBITDA soared 116.4% to $24.7 million, marking an adjusted EBITDA margin of 11.1%. Lydall’s net debt decreased to $157.5 million, with a net debt leverage ratio of 1.9x. The acquisition by Unifrax for $62.10 per share is slated to close in H2 2021.
Unifrax has signed definitive agreements to acquire Lydall (NYSE: LDL) for $62.10 per share, totaling approximately $1.3 billion. This acquisition positions Unifrax to enhance its presence in the clean air filtration and electric vehicle markets, utilizing Lydall's 23 global manufacturing facilities. The deal is backed by J.P. Morgan's debt financing and more than $400 million in new cash and equity from investors, including Clearlake Capital. The transaction may impact Lydall's shareholders significantly, with expected growth opportunities in emerging markets.
Unifrax has announced its acquisition of Lydall, Inc. (NYSE: LDL) for $62.10 per share, totaling approximately $1.3 billion. This deal positions Unifrax to enhance its global specialty materials platform, tapping into Lydall's advanced filtration technologies and production capabilities across 23 facilities. The merger aims to drive innovation in filtration, battery systems, and energy-saving applications, strengthening both companies' positions in rapidly growing markets like clean air filtration and electric vehicles. The transaction is expected to close in the second half of 2021.
LYDALL, INC. (NYSE: LDL) reported strong Q1 2021 results with net sales of $227.1 million, up 13.3% year-over-year. The company achieved a gross margin of 21.4% and net income of $5.1 million, marking a significant recovery from a loss in Q1 2020. Specialty filtration sales surged 32.7% due to enhanced production capacity. Total debt reduced to $172.3 million, with a net debt leverage ratio of 2.4x. Lydall forecasts continued growth across all market segments in 2021, driven by increasing demand for innovative filtration and sealing solutions.
Lydall, a global leader in specialty filtration and advanced materials, announced a stock repurchase program authorizing the buyback of up to $30 million of its common stock. This decision underscores management's confidence in the company's growth strategy and commitment to returning capital to shareholders while maintaining disciplined capital allocation. As of December 31, 2020, Lydall had approximately $102 million in cash and cash equivalents and 18 million shares outstanding, allowing the company to fund the repurchase from its operational cash flows.
