Steel Partners Hldgs L P Stock Price, News & Analysis

Steel Partners Holdings L.P. (NYSE: SPLP) reported Q1 2022 results with revenue of $405.7 million, a 29.0% increase year-over-year. Net income was $4.5 million, and adjusted EBITDA rose to $64.6 million, yielding a 15.9% margin. Cash flows showed adjusted free cash flow of $33.6 million. Despite positive growth, the company recorded a net loss from associated companies of $4.6 million and total debt of $269.6 million. The board declared a quarterly cash distribution of $0.375 per Series A Preferred Unit, payable June 15, 2022.

Steel Partners Holdings L.P. (NYSE: SPLP) has extended its modified Dutch Auction tender offer to repurchase up to $100 million of its common units. The expiration date is now set for May 13, 2022. Previously scheduled for May 6, 2022, the extension allows unitholders more time to consider the company's upcoming first-quarter results, which will be released on May 5, 2022. As of May 2, 2022, no units have been tendered. The offer terms remain unchanged, and unitholders do not need to take additional action if they have already submitted their units.

Steel Partners Holdings L.P. (NYSE: SPLP) has successfully completed the sale of its subsidiary, SL Power Electronics Corporation, to Advanced Energy Industries, Inc. (NASDAQ: AEIS). The transaction value is approximately $144.5 million, subject to customary purchase price adjustments. SL Power Electronics specializes in power conversion solutions for sectors including medical, lighting, and industrial.

White & Case LLP acted as legal counsel for this transaction, signaling a strategic realignment for Steel Partners as it focuses on its core business interests.

Advanced Energy Industries, Inc. (AEIS) has completed its acquisition of SL Power Electronics Corporation from Steel Partners Holdings L.P. (SPLP). This acquisition expands AE's addressable market by over $400 million and enhances its product offerings in the industrial and medical sectors. The deal is projected to be accretive to 2022 earnings on a non-GAAP basis and aims to generate over $4 million in annual cost synergies. Management plans to provide further details during the first quarter financial results announcement on May 4, 2022.

Steel Partners Holdings L.P. (NYSE: SPLP) has announced a modified Dutch Auction tender offer to buy back up to $100 million of its common units at a price between $40.00 and $42.00 per unit. The offer will commence on April 7, 2022, and expire on May 6, 2022. If fully subscribed, the buyback could represent approximately 12.1% of SPLP's outstanding common units. The tender offer aims to enhance unitholder value and will be funded through cash and existing credit facilities.

Steel Partners Holdings L.P. (NYSE: SPLP) has announced the sale of its subsidiary, SL Power Electronics Corporation, to Advanced Energy Industries, Inc. (NASDAQ: AEIS) for approximately $144.5 million. This transaction is expected to close in Q2 2022, pending customary conditions. The sale aims to strengthen Steel Partners' balance sheet and enhance its leverage metrics, supporting long-term growth strategies. Executive Chairman Warren Lichtenstein emphasized the strategic fit of Advanced Energy as a buyer, expressing gratitude for SL Power's employees and management.

Advanced Energy has announced the acquisition of SL Power Electronics Corporation from Steel Partners Holdings for $144.5 million. This acquisition enhances Advanced Energy's offerings in medical and advanced industrial applications, expected to increase its addressable market by over $400 million. SL Power, generating $66.0 million in revenue in 2021, will provide synergies and cross-selling opportunities, alongside a boost in Advanced Energy's earnings. The transaction is anticipated to close in Q2 2022.

Steel Sports released its 2021 Impact Report, highlighting its commitment to youth sports and community engagement. The organization provided over $78,500 in financial aid to help low-income families, averaging $900 per athlete. In 2021, Steel Sports dedicated 14,000 hours to community service, raising $28,000 for various causes and serving over 13,000 individuals.

Despite the Great Resignation, Steel Sports maintained a 92% employee retention rate. The organization emphasizes values like inclusion and leadership, partnering with athletes such as FIFA Ambassador Mercy Akide Udoh.

Steel Partners Holdings L.P. (NYSE: SPLP) has appointed Stephanie McKinney as Chief Human Resources Officer. McKinney, who has over 20 years of HR experience in various industries, previously served as Vice President of Human Resources at Siemens Energy. She will succeed Pete Marciniak, who is retiring after 35 years with the company. Executive Chairman Warren Lichtenstein praised McKinney's strategic leadership skills and looks forward to enhancing the company’s high-performance culture. Steel Partners operates in diverse sectors including industrial products and logistics.