Xeros Technology Group plc, the developer and provider of polymer based technologies with multiple commercial applications, has acquired US-based Gloves Inc.
Gloves Inc, which provides, cleaning, inspection, and repair services for firefighter personal protection equipment (PPE) from facilities in Atlanta and Miami, has snapped up by the Rotherham-based company for $800k with a further contingent cash consideration of up to $300k.
For the year ended 31 December 2017, Gloves generated revenues of $0.99m and EBITDA of US$0.36m on gross assets of US$0.15m.
Xeros’ strategy is to achieve national coverage by operating specialist cleaning facilities serving the US metropolitan areas. The acquisition of Gloves, together with the acquisition of MarKen PPE in July 2017, represent key milestones towards achieving the goal of having four sites by the end of 2018, with national US coverage expected to be achieved in 2019.
The Xeros cleaning solution, which will be deployed at Gloves’ facilities, removes harmful contaminants whilst also extending the life of expensive PPE garments.
The Gloves business will be integrated into Xeros’ High Performance Workwear Division and will immediately trade under the MarKen brand name.
Mark Nichols, chief executive of Xeros, said: “Our acquisition of Gloves is the next step in bringing the transformational benefits of our technology to the entire US firefighter PPE market.
“The learning and competence which we are now acquiring will be the platform from which we can make our technology available on a global basis for a number of high performance workwear markets.”