Worthington Enterprises : Acquires Elgen Manufacturing

Published: 2025-06-19 13:10:08 ET WOR

Published on 06/19/2025 at 13:10

Acquisition Overview

J U N E 1 9 , 2 0 2 5

Elgen Manufacturing is a market-leading designer and manufacturer of HVAC parts and components, ductwork and structural framing primarily used in commercial buildings throughout North America.

Purchase price of approximately $93M, subject to closing adjustments, funded with cash.

Elgen generated net revenue of approximately $114.9 million and adjusted EBITDA of $13.3 million for the trailing twelve months ended April 30, 2025.

Elgen is a natural fit within the Building Products segment at Worthington Enterprises that includes a portfolio of critical building systems and components for heating, cooling, construction and water applications as well as architectural and acoustical grid ceilings and metal framing and accessories.

Existing members of Elgen leadership, including the CEO, expected to

remain with the business and maintain similar roles and responsibilities.

W O R T H I N G T O N E N T E R P R I S E S 2

Representative Products

Fittings, Elbows, & Pipes

Key Categories

Duct Connectors &

Strut & Accessories

Accessories

Hanging Systems &

Reinforcements

Insulation & Components

W O R T H I N G T O N E N T E R P R I S E S

Founded: 1995

Employees: 250

TTM Financials (04/30/25) Net Revenue: $114.9M Adj. EBITDA: $13.3M (11.6%)

Description: Market-leading designer and manufacturer of HVAC parts and components, ductwork and structural framing primarily used in commercial buildings throughout North America.

Closter, NJ

Office and Manufacturing Facility Sq. Footage: 150,000

Employees: ~225

Allendale, NJ

Distribution Facility Sq. Footage: 64,000 Employees: ~25

3

Expands our product offerings in the building envelope with the addition of a market-leading U.S.-based HVAC componentry business serving an attractive niche in the resilient commercial HVAC market.

Diversifies and strengthens Building Products portfolio of critical building systems & components with recurring revenue through maintenance, repair and remodel with a broad array of offerings used by contractors.

Drives operational efficiencies by leveraging Worthington's domestic footprint, manufacturing expertise, and purchasing power - and benefits from deployment of the Worthington Business System.

Attractive financial profile (net revenue of $114.9M and Adj. EBITDA of $13.3M(1)) with meaningful opportunities for synergies and growth.

Strong leadership team at Elgen and solid cultural fit that closely aligns with

Worthington's Philosophy.

(1) Financial data reflects TTM results as of 04/30/25

W O R T H I N G T O N E N T E R P R I S E S 4

KEY FIGURES

( TTM AS OF Q 3 FY 251 )

Building Products At-a-Glance

Joint Ventures Wholly-Owned

Heating and Cooking

Facilitating the transition away from fuel oil, as well as providing back-up power solutions.

Cooling and Construction

Integral in storing and transporting refrigerants while facilitating the transition to lower global-warming potential and ozone-depleting gases. Providing safe storage and transport of polyurethane foam insulation and roofing adhesive.

FINANCIAL METRICS

( $ MILLIONS)

ELGEN COMPLEMENTS WORTHINGTON'S EXISTING

CRITICAL BUILDING SYSTEMS AND COMPONENTS PRODUCTS

NET SALES

NET SALES

$717

ADJ. EBI TDA MAR GI N

ADJ. EBI TDA

Water

Key component in providing safe and clean drinking water in homes and buildings.

Ceiling Solutions

Solutions for ceilings, walls and partitions, suspended systems, and trim and transitions in numerous commercial, education, healthcare, retail and specialty environments, among others.

Metal Framing

$619 $615

FY23

FY24

Q3 FY25 TTM

FY24 Q3

FY25 Q3

ADJ. EBITDA

$222

$192

$53

$53

31%

34%

31%

36%

32%

$210

$148 $165

Cold-formed steel framing and drywall/plastering finishing systems for

FY23 FY24

Q3 FY25 TTM

FY24 Q3 FY25 Q3

interior and exterior applications, as well as clips, connectors, metal

lath, welded wire, barrier mesh and accessories.

1 TTM figures as of Q3 FY2025 and does not include impact of Elgen 7

7

FY25 TTM

acquisition. Net Sales reflects wholly-owned businesses only, exclude JVs.

Disclaimer

Worthington Enterprises Inc. published this content on June 19, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 19, 2025 at 17:09 UTC.