Armor Holdings has completed the acquisition of Bianchi and Gregory Mountain Products for a total purchase price of $60 million in cash. According to Armor, Bianchi and Gregory will be integrated into the company’s Products Division and they are expected to be immediately accretive to earnings per share.

In November, after the initial announcement of the acquisition, BOSS reported that the combined Bianchi and Gregory brands reported $36 million in revenues for the twelve months proceeding September 30, 2004. Armor Holdings is purchasing the company for $60 million in cash, or 1.7x sales. Most deals in this industry average six to eight times EBITDA. On the extreme high end of this range, that puts Bianchi’s EBITDA at over 20%, leading us to believe that AH paid a considerable premium for the company.

Robert Schiller, Armor’s president and COO, said, “We are very pleased to have completed this complementary acquisition of well-established brands. We believe that through this acquisition, we will further diversify our distribution capability and product portfolio, providing greater choices for our law enforcement, military, and recreational customers. We are delighted to welcome Bianchi’s outstanding management team and dedicated employees to the Armor Holdings family.”

In other Gregory news, Paul Gagner and his wife welcomed a new daughter, Katherine Lee Gagner, into the world on December 23rd.