COLUMBUS, Ohio — Worthington Industries Inc. on Thursday announced the acquisition of Level5 Tools LLC, a leading provider of drywall tools — including automatic drywall taping and finishing tools — skimming blades, hand tools and accessories.
The acquisition expands Worthington’s consumer products brands and offerings in its tools category. Level5 serves drywall finishing professionals and DIYers through a network of distributors and retailers and leads the drywall tools market in online sales.
“We’re excited to welcome Level5 to the Worthington family and our growing portfolio of consumer brands," said Worthington Industries President of Consumer Products Steve Caravati. "Together with our current lineup of tool products through our General, Bernzomatic, Mag-Torch and Pactool brands, Level5 expands our offerings and introduces attractive new end markets.
“Level5 was the first to introduce a complete drywall tool line to the market and has consistently been a pioneer in the industry, leading with innovation in new product development and in the way they go to market. We look forward to building on these synergies and their strong reputation for top quality and customer service, to grow the brand and bring more innovative products and value to our customers.”
Founded in 2011, Level5 Tools is located in Kansas City, Kansas, and employs approximately 30 people. The tenured management team, including founder and CEO Scott Murray, will continue to run the business. The purchase price was approximately $55 million with a potential earn out of up to $25 million based upon performance through 2024. For the trailing 12 months ended April 30, 2022, Level5 generated net revenue of $32.7 million and EBITDA of $6.2 million.