Drone USA Inc. announced that it has acquired Howco Distributing Corp., a provider of construction, transportation, mining and heavy equipment parts to both commercial and government clients. In 2012, Howco won DLA’s Bronze Supplier Award. The company reported 2015 revenues of $23.4 million and EBITDA of $1.78 million.
Howco was acquired for $3.5 million using $2.6 million in cash, a promissory note for $900K and 500K warrants with an exercise price of $0.01 per share. Wellington Shields & Co. LLC was the lead placement agent.
We provide you with the latest news on acquisitions in the Defense and Government markets. Make sure to subscribe to our weekly deal updates: