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Subsequent Events
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events
NOTE 19 — SUBSEQUENT EVENTS
Acquisition of Waterblasting LLC
On February 12, 2025, the Company completed the acquisition of substantially all the assets and operations of Waterblasting, LLC, owner of Hog Technologies, and Waterblasting Eurasia, s.r.o. (collectively, “Hog”), for an initial purchase price of $78.1 million, subject to certain closing adjustments. The initial purchase price was funded through existing cash on hand and borrowings under the Revolver. In addition, there is a contingent earn-out payment of up to $15.0 million that is based on the achievement of certain financial targets during 2025. On February 14, 2025, the Company acquired Hog’s manufacturing facility in Florida for $14.5 million.
Hog is a leading U.S. manufacturer of truck-mounted road-marking, line-removal, and waterblasting equipment, serving infrastructure, municipal, and airport markets. The Company expects the acquisition of Hog will strengthen its position as an industry leading diversified industrial manufacturer of specialty vehicles by expanding its product offerings, market presence, and aftermarket platform.
The preliminary purchase price allocation has not been completed as of the date of this Form 10-K due to the proximity of the date of acquisition to the date of issuance of the consolidated financial statements. The post-acquisition operating results of Hog are expected to be included within the Environmental Solutions Group.