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Hamilton Beach Brands, Inc. Announces Acquisition of Weston Products


RICHMOND, Va.Dec. 16, 2014 /PRNewswire/ -- Hamilton Beach Brands, Inc. announced today it acquiredWeston Products, LLC from Highgate Capital LLC. Weston Products, which will become Weston Brands under Hamilton Beach Brands, is headquartered in Strongsville, Ohio and is a leader in specialty food processing products. Weston develops, markets and distributes appliances and accessories under the proprietary Weston brand and private label brands for consumers who are hunters, gardeners and food enthusiasts who have a passion for Farm-to-Table and Field-to-Table foods and knowing the origin of their food. Weston's appliances include meat grinders, vacuum sealers, food dehydrators, meat slicers among many others. 

Hamilton Beach Brands acquired substantially all of the assets and assumed certain liabilities of Weston Products for cash consideration based on a multiple of Weston's estimated 2014 EBITDA. The final purchase price is subject to customary post-closing adjustments based on net working capital and EBITDA calculations. The acquisition was funded with cash on hand and borrowings under Hamilton Beach's existing revolving credit facility.

The Weston acquisition allows Hamilton Beach to expand beyond its small kitchen and commercial appliance businesses into the growing hunting, wild game processing, specialty food processing and specialty housewares industries. The acquisition is also fully supportive of Hamilton Beach's strategic initiatives, including enhancing placements in the North American consumer market, enhancing internet sales and participating in the only-the-best market. For the last twelve months ended September 30, 2014, Weston had revenue of approximately $32.7 million, pre-tax income of approximately $3.2 millionand EBITDA of approximately $3.3 million. Hamilton Beach expects the acquisition to be accretive to earnings in 2015.

"We are thrilled to welcome the Weston team and their consumers and vendors to the Hamilton Beach Brands family," said Greg Trepp, president and chief executive officer, Hamilton Beach Brands, Inc. "Through the combination of the highly talented Weston organization along with our own dedicated employees, we believe we can achieve significant opportunities for future growth and profitability in line with our strategic initiatives," he added. 

Michael Caspar, Weston's chief executive officer, stated: "We are pleased that this transaction will offer immediate value to our employees as well as exciting new opportunities to our customer base. Over the past few years we have had much success in the hunting, wild game processing and specialty housewares industries. I believe our organization and culture will merge well with Hamilton Beach's and Weston will achieve even greater success with the combined company."

Bruml Capital Corporation advised Weston Products LLC on this transaction.

About Hamilton Beach Brands, Inc.
Hamilton Beach Brands, Inc. is a leading designer, marketer and distributor of small electric household appliances, as well as commercial products for restaurants, bars and hotels. Hamilton Beach Brands is headquartered in Richmond, Virginia and is a wholly owned subsidiary of NACCO Industries, Inc. (NYSE: NC).

Forward-looking Statements Disclaimer
The statements contained in the news release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Neither Hamilton Beach Brands nor NACCO undertake any obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) changes in the sales prices, product mix or levels of consumer purchases of small electric appliances and of hunting, wild game processing and specialty housewares products, (2) changes in consumer retail and credit markets, (3) bankruptcy of or loss of major retail customers or suppliers, (4) changes in costs, including transportation costs, of sourced products, (5) delays in delivery of sourced products, (6) changes in or unavailability of quality or cost effective suppliers, (7) exchange rate fluctuations, changes in the foreign import tariffs and monetary policies and other changes in the regulatory climate in the foreign countries in which Hamilton Beach buys, operates and/or sells products, (8) product liability, regulatory actions or other litigation, warranty claims or returns of products, (9) customer acceptance of, changes in costs of, or delays in the development of new products, (10) the successful integration of the Weston Brands acquisition, (11) increased competition, including consolidation within the industry and (12) changes mandated by federal, state and other regulation, including health, safety or environmental legislation. 

To view the original version on PR Newswire, visit:

SOURCE NACCO Industries, Inc.

Media Relations: Hamilton Beach Brands, Inc., Mary Beth Brault, 804-418-8868,; Investor Relations: NACCO Industries, Inc., Christina Kmetko, (440) 229-5130

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