Graham acquires P3 Technologies, terms undisclosed

Graham announced that it has acquired P3 Technologies. Based in Jupiter, Florida, P3 specializes in rotating machinery including pumps, compressors, and turbines and are specialists in high-speed rotors and cryogenic pumps. With a team of gas-turbine engineers, P3’s development process results in solutions to technical challenges. P3’s annual revenue is expected to be approximately $6M in FY23 with gross and adjusted EBITDA margins that are consistent with Graham’s FY27 goal of low- to mid-teen adjusted EBITDA margins. Backlog at October 31 was approximately $8M. A stock and cash transaction, P3 was acquired from its sole owner who, along with P3’s leadership team, will remain with the company. The acquisition price has not been disclosed at this time. However, the stock element of the purchase price is valued at $2M and the number of shares of company’s common stock issued as part thereof was determined using a stock price of $15.92, which represents the average closing price for the company’s common stock for the 10 trading days ending on November 3.