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Nu Aire Acquisition (Tables)

9 Months Ended

Jan. 31, 2025

Business Combination and Asset Acquisition [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 Aire						23,000
Payment of Nu Aire transaction expenses						311
Purchase Price						$	52,980

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The January 31, 2025 Consolidated Balance Sheet includes the assets and liabilities of Nu Aire. The preliminary allocation of purchase price recorded for Nu Aire was as follows:

($ in thousands)
Assets acquired:
Cash and cash equivalents						$	1,245
Receivables						10,650
Inventories						13,744
Prepaid expenses and other current assets						852
Property, plant and equipment						7,349
Other intangible assets						18,600
Goodwill						14,150
Right of use assets						7,376
Other assets						7
Total assets acquired						73,973
Liabilities assumed:
Current portion of operating lease liabilities						(965)
Accounts payable						(4,318)
Employee compensation and amounts withheld						(2,642)
Deferred revenue						(935)
Other accrued expenses						(1,591)
Long-term portion of operating lease liabilities						(5,167)
Deferred income taxes						(5,375)
Total liabilities assumed						(20,993)
Preliminary aggregate acquisition consideration						$	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 Value

Estimated Useful Life

Customer relationships

$

9,800

10 years

Trade names and trademarks

4,900

indefinite

Developed technology

3,900

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 Value

Estimated Useful Life

Customer relationships

$

9,800

10 years

Trade names and trademarks

4,900

indefinite

Developed technology

3,900

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 three and nine months ended January 31, 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.

			Three Months Ended January 31,												Nine Months Ended January 31,
($ in thousands, except per share amounts)			2025						2024						2025						2024
Net sales			$	67,167					$	66,914					$	199,548					$	208,948
Net earnings			1,856						3,284						6,812						7,905
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders:
Basic			$	0.65					$	1.14					$	2.38					$	2.74
Diluted			$	0.62					$	1.11					$	2.29					$	2.70

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Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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