Strategic Acquisition Expands Lakeland's Global Fire Services Portfolio with Pacific Helmet's Leading Safety Helmet Offerings

HUNTSVILLE, AL / ACCESSWIRE / November 30, 2023 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the "Company" or "Lakeland"), a leading global manufacturer of protective clothing for industry, healthcare and first responders on the federal, state and local levels, announced today the acquisition of New Zealand-based Pacific Helmets NZ Limited ("Pacific") in an all-cash transaction valued at approximately $8.5 million subject to post-closing adjustments and customary holdback provisions.

Pacific is a leading designer and manufacturer of helmets for the structural firefighting, wildland firefighting, and rescue markets. The company has 70 employees and is headquartered in Whanganui, New Zealand. Pacific provides differentiated product offerings through its innovative and premium solutions. The existing staff and management team will remain in place and will continue to service customer needs.

Jim Jenkins, Executive Chairman of Lakeland Industries, said, "This strategic acquisition is a significant milestone in our global fire services expansion efforts, enhancing our product portfolio and strengthening our commitment to delivering exceptional fire turnout protection offerings to our customers worldwide. Pacific is a global brand with a well-established reputation for quality and innovative fire and rescue helmet design and manufacturing in the growing first responder safety helmet market. Pacific has a broad range of helmet models, styles and certifications, and they have demonstrated the ability to develop new products and sell successfully around the world. We expect Pacific to add seven to eight million dollars of sales revenue to Lakeland in our next fiscal year and to be immediately accretive."

Mr. Jenkins added, "This acquisition significantly expands Lakeland's fire product offerings to our existing customer base while enhancing our geographic reach in Australia and New Zealand. Importantly, Pacific is highly complementary to Lakeland's current fire service business. The addition of Pacific's products and capabilities to Lakeland's portfolio presents a compelling cross-selling opportunity that we will be able to leverage across Lakeland's global sales and distribution channels. The combination of a complementary, premium product portfolio, global reach, talented team, and cross-selling opportunities makes this a great strategic fit for Lakeland."

Mr. Jenkins concluded, "We are thrilled to welcome Pacific to the Lakeland family."

Maynard Nexsen and Simpson Grierson acted as legal advisors to Lakeland. PwC Legal New Zealand acted as legal advisor to Pacific.

ABOUT PACIFIC HELMETS
Pacific Helmets is a leader in the design and manufacture of structural firefighting helmets, wildland firefighting helmets and many other safety helmets for rescue, paramedic, ATV and other applications. Pacific has the largest range of helmet models, styles and certifications of any international helmet manufacturer. Currently, Pacific Helmets produces 26+ key helmet models while also supporting a number of legacy models. This extensive range is possible as the Company uses a proprietary fiberglass-based shell construction method rather than the injection molding used by competitors. Pacific Helmets already sells to over 40 countries and has the potential to grow through the addition of new distributors, particularly in the Northern Hemisphere and emerging markets, and through innovative new products, affording opportunities to reach new customers and distributors. Pacific Helmets manages its entire manufacturing and assembly processes from its Whanganui, New Zealand manufacturing facilities and headquarters.

ABOUT LAKELAND
We manufacture and sell a comprehensive line of industrial protective clothing and accessories for the industrial and public protective clothing market. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a network of over 1,600 global safety and industrial supply distributors. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, transportation, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high technology electronics manufacturers, as well as scientific, medical laboratories and the utilities industry. In addition, we supply federal, state and local governmental agencies and departments, such as fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security and the Centers for Disease Control. Internationally, we sell directly to a mixture of end-users and industrial distributors, depending on the particular country and market. In addition to the United States, sales are made into more than 50 foreign countries, the majority of which were into China, the European Economic Community ("EEC"), Canada, Chile, Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India, Uruguay, Middle East and Southeast Asia. For more information concerning Lakeland, please visit the Company online at www.lakeland.com.

SAFE HARBOR STATEMENT
This press release contains "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, which address Lakeland's expectations of sources or uses for capital or which express the Company's expectation for the future with respect to financial performance or operating strategies, including statements regarding the anticipated synergies and opportunities relating to the acquisition, can be identified as forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in Press Releases and Forms 8-K, registration statements, quarterly and annual reports and other reports and filings filed with the Securities and Exchange Commission or made by management. As a result, there can be no assurance that Lakeland's future results will not be materially different from those described herein as "believed," "projected," "planned," "intended," "anticipated," "can," "estimated" or "expected," or other words which reflect the current view of the Company with respect to future events. We caution readers that these forward-looking statements speak only as of the date hereof. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which such statement is based, except as may be required by law.

CONTACTS
Lakeland Industries, Inc.
256-600-1390
Roger Shannon
rdshannon@lakeland.com

Alpha IR Group
312-445-2870
Robert Winters or Stephen Poe
LAKE@alpha-ir.com

SOURCE: Lakeland Industries, Inc.