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Nu Aire Acquisition (Tables)
 12 Months Ended
Apr. 30, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the aggregate acquisition consideration for Nu Aire:
($ in thousands)
Cash paid to Nu Aire$29,669 
Subordinated Promissory Notes due to Nu Aire23,000 
Payment of Nu Aire transaction expenses311 
Purchase Price$52,980 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The April 30, 2025 Consolidated Balance Sheet includes the assets and liabilities of Nu Aire, which have been measured at fair value as of the Closing Date. The preliminary allocation of purchase price recorded for Nu Aire was as follows:
($ in thousands)Initial Allocation
Measurement Period Adjustments
As Adjusted
Assets acquired:
Cash and cash equivalents$1,245 $— $1,245 
Receivables
10,650 — 10,650 
Inventories
13,744 1,778 15,522 
Prepaid expenses and other current assets852 — 852 
Property, plant and equipment
7,349 — 7,349 
Other intangible assets
18,600 — 18,600 
Goodwill14,150 (1,663)12,487 
Right of use assets7,376 — 7,376 
Other assets7 — 7 
Total assets acquired
73,973 115 74,088 
Liabilities assumed:
Current portion of operating lease liabilities(965)— (965)
Accounts payable(4,318)— (4,318)
Employee compensation and amounts withheld(2,642)— (2,642)
Deferred revenue(935)— (935)
Other accrued expenses(1,591)— (1,591)
Long-term portion of operating lease liabilities(5,167)— (5,167)
Deferred income taxes
(5,375)(115)(5,490)
Total liabilities assumed
(20,993)(115)(21,108)
Preliminary aggregate acquisition consideration
$52,980 $— $52,980 
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination
The amounts, based on preliminary valuations and subject to final adjustment, allocated to intangible assets are as follows:
($ in thousands)Preliminary Fair ValueEstimated Useful Life
Customer relationships$9,800 10 years
Trade names and trademarks4,900 Indefinite
Developed technology3,900 7 years
Intangible assets acquired$18,600 
Schedule of Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The amounts, based on preliminary valuations and subject to final adjustment, allocated to intangible assets are as follows:
($ in thousands)Preliminary Fair ValueEstimated Useful Life
Customer relationships$9,800 10 years
Trade names and trademarks4,900 Indefinite
Developed technology3,900 7 years
Intangible assets acquired$18,600 
Business Acquisition, Pro Forma Information
The following unaudited supplemental pro forma combined financial information presents the Company's results of operations for the twelve months ended April 30, 2025 and 2024 as if the acquisition of Nu Aire had occurred on May 1, 2023. The pro forma financial information is presented for comparative purposes only and is not necessarily indicative of the Company's operating results that may have actually occurred had the acquisition of Nu Aire been completed on May 1, 2023. In addition, the unaudited pro forma financial information does not give effect to any anticipated cost savings, operating efficiencies, or other synergies that may be associated with the Transaction, or any estimated costs that have been or will be incurred by the Company to integrate the assets and operations of Nu Aire.
Twelve Months Ended April 30,
($ in thousands, except per share amounts)
2025
2024
Net sales
$276,696 $284,630 
Net earnings
11,661 19,293 
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders:
Basic
$4.07 $6.70 
Diluted
$3.91 $6.57