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Perimeter Solutions (PRM) investor relations material

Perimeter Solutions M&A Announcement summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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M&A Announcement summary11 Dec, 2025

Deal rationale and strategic fit

  • Acquisition of MMT, a leader in precision machinery and consumables for minimally invasive medical device manufacturing, for $685 million in cash, aligns with a strategy to own high-quality, capital-light businesses with strong recurring and proprietary aftermarket revenue.

  • The deal supports a decentralized operating structure and Value Driver strategy, emphasizing customer value, compliance, and operational improvements.

  • MMT's deep relationships with blue-chip OEMs and history of successful tuck-in M&A are expected to drive continued organic and acquisition-led growth.

  • The acquisition targets expansion in the medical technology sector and aims for private-equity-like returns.

  • MMT will operate as a standalone business, maintaining autonomy and accountability within a decentralized structure.

Financial terms and conditions

  • Purchase price is $685 million in cash, funded by $500 million in new secured debt and $185 million of cash on hand, with certain tax benefits.

  • MMT is projected to generate $140 million in revenue and $50 million in Adjusted EBITDA in 2025.

  • Implied purchase price multiple is approximately 14x Adjusted EBITDA.

  • Pro forma leverage at closing is projected at 2.7x net debt to combined Adjusted EBITDA.

  • No equity issuance; company retains ample liquidity and balance sheet flexibility post-acquisition.

Synergies and expected cost savings

  • Value creation is expected through the Value Driver operating model, focusing on customer value, productivity, and margin improvement.

  • Aftermarket consumables and services, accounting for about half of revenue, provide recurring income and margin stability.

Detail MMT's fit with Perimeter's OVD strategy
Leverage profile: future M&A capacity?
How to sustain MMT's organic and M&A growth?
MMT's future tuck-in M&A strategy
Balance sheet flexibility for future M&A
Impact of FDA specs on MMT's market position
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Frequently asked questions

Perimeter Solutions SA is a global provider of fire safety and oil additives solutions, operating primarily in two business segments: Fire Safety and Specialty Products. The company specializes in the manufacture and supply of firefighting products and lubricant additives, catering to a diverse international market including the United States and Germany. Its products are designed to address critically important life safety issues, with a focus on delivering solutions that are effective, environmentally friendly, and vital for applications where failure is not an option. The company was established following the acquisition by SK Capital Partners from Israel Chemicals Ltd. in 2018, building on a legacy of over 50 years in technology development for fire safety and oil additives. The company is headquartered in St. Louis, Missouri, and its shares are listed on the NYSE under the ticker PRM.

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