The Personal Protective Equipment Start-up Valued at $4.4 Billion Dollars.
LOS ANGELES, July 7, 2021 /PRNewswire/ -- Gredale, LLC announced today that they have entered into a definitive agreement with Maskco Technologies, Inc. to acquire a majority interest in the Miami, Florida based personal protective equipment manufacturer.
The companies have elected to not disclose the exact financial terms of the agreement however, Scott H. Weissman, CEO of Maskco Technologies, stated, "the enterprise valuation of Maskco Technologies was set at $4,400,000,000 based on an additional infrastructure investments and credit facilities totaling $400,000,000 and a performance based structured payout over the course of five years."
Gredale and Maskco Technologies began a partnership in June of 2020 as a Joint venture distribution agreement for the distribution of Maskco Technologies MTech 95 Respirators which was followed by a strategic manufacturing partnership, investment and credit facility totaling $100,000,000 by Gredale, LLC in November of 2020.
In addition to the acquisition of the majority interest of common stock, Gredale will now oversee all manufacturing and packaging of the MTech 95 Respirator in various production facilities throughout the United States, and will also oversee all distribution of the MTech 95 Respirator in North America, South America, Europe, Africa and Asia.
"The acquisition of Maskco Technologies furthers our strategic vision of becoming the largest manufacturer of personal protective equipment in the United States," says Greg Lorber, CEO of Gredale, LLC. "Since beginning our partnership with Maskco Technologies, we have seen a huge demand for high quality, Berry Compliant protective respirators which Maskco Technologies has proven they can produce at a cost that can compete with products produced overseas. More importantly, we are proud to be able to domestically produce the MTech-95 in quantities sufficient to ensure our country is never left dependent on protective respirators from overseas, especially in the event of a future pandemic," adds Lorber.
Upon the completion of the transaction, Scott H. Weissman shall continue as CEO of Maskco Technologies and will also be appointed to the Board of Directors of Gredale, LLC.
About Maskco Technologies, Inc.
Maskco Technologies, Inc., a manufacturer of medical devices, was formed in April of 2020 by a group of health care professionals who realized the critical need for additional production of N95 Respirators in the United States. The company manufacturers its products under the authorization of Huck Medical Technologies, Inc. http://www.maskcotech.com
About Gredale LLC
Gredale LLC, based in Los Angeles, California, has more than nine years of experience in manufacturing, sourcing, and distributing products from around the globe. Recently the Company changed its focus toward being a medical-grade Personal Protective Equipment supplier. In 2020 Gredale received its FDA approval as a North American manufacturer of medical-grade isolation gowns. Gredale's historical experience in textile and non-woven product development strengthens their ability to deliver quality products in the "woven" and "non-woven" medical supply category. http://www.gredale.com
SOURCE Gredale, LLC