MW Industries, Inc. — a provider of highly engineered springs, specialty fasteners, bellows, specialized precision wire forms, metal stampings, tubular components and other precision components — recently announced that affiliates of American Securities LLC have completed the transaction to acquire NN, Inc.’s Life Sciences division.
As first announced in August of this year, The Life Sciences division will be combined with MW Industries, a portfolio company of American Securities.
Life Sciences will be operated and financed separately from MW Industries. Life Sciences and MW’s existing medical division (Marox, Economy Spring & Stamping, and LaVezzi Precision) demonstrate complementary, but distinct, manufacturing capabilities and offer different product portfolios.
Under the terms of the transaction, NN, Inc.’s Life Sciences division was purchased for $825 million, including $755 million (subject to customary adjustments) in cash payable at closing of the transaction and an additional $70 million earnout payable in cash based on the 2022 performance of the Life Sciences division.
“This is a pivotal moment for NN as the sale of Life Sciences provides us with a clear, expedient and certain path to obtain the necessary capital to significantly reduce our debt and continue to execute on our Power Solutions and Mobile Solutions businesses where we see strong potential to grow and generate value for our shareholders,” said Warren Veltman, president and CEO.