Houlihan Lokey is pleased to announce the sale of Presto Absorbent Products, Inc., a subsidiary of National Presto Industries, Inc. (NYSE: NPK), to Drylock Technologies, Ltd. The transaction closed on January 3, 2017.
Originally formed to acquire the assets of a struggling baby diaper company in 2001, Presto Absorbent Products, Inc. is now a well-respected innovator and manufacturer of adult incontinence wear serving preeminent institutional and retail distributors.
Following the transaction, National Presto operates in two business segments: The Housewares/Small Appliance segment designs and sells small household appliances and pressure cookers under the PRESTO® brand name and is recognized as an innovator of new products. The Defense segment manufactures a variety of products, including medium-caliber training and tactical ammunition, energetic ordnance items, fuzes, cartridge cases, less-lethal munitions, and less-lethal accessory equipment.
Drylock is a private Belgian company that manufactures and sells innovative private label diapers, feminine hygiene, and adult incontinence products in Europe. The business is family-owned by the Van Malderens, who re-entered the absorbent product business in 2011, after selling what was then the premier European absorbent product business, Ontex Group NV, a company the family had founded.
Houlihan Lokey served as exclusive financial advisor to National Presto and assisted in structuring and negotiating the transaction.