Hill & Smith to Buy Freeberg for $36M (80%)

Hill & Smith PLC agreed to acquire Freeberg Industrial Fabrication Corp. for an initial cash consideration of $36 million for 80% of the company’s equity. The deal is subject to U.S. regulatory approvals.

The agreement also includes potential additional payments for the remaining 20% based on profitability through December 31, 2031, with earn-out consideration capped at $50 million. Freeberg is based in Escondido, California, and designs and manufactures custom enclosures and engineered systems used in data centers and power generation.

Freeberg is expanding with a new 160,000-square-foot leased facility in Arizona expected to be operational in the second half of 2026, supporting assembly of genset packages and other electro-mechanical systems. Hill & Smith expects the acquisition to complete in Q2 2026 and be earnings enhancing in 2026.