Somero Enterprises Inc. Acquisition of the business assets of Line Dragon (1954N)
16 January 2019 - 6:00PM
UK Regulatory
TIDMSOM
RNS Number : 1954N
Somero Enterprises Inc.
16 January 2019
16 January 2019
Somero Enterprises, Inc.
("Somero" or the "Company")
Acquisition of the business assets of Line Dragon, LLC
Somero(R) is pleased to announce the acquisition of the business
assets of Line Dragon, LLC ("Line Dragon"), a Pennsylvania based
provider of concrete placing and hose dragging equipment to the
concrete industry.
The acquisition offers a unique opportunity to add to Somero's
broad portfolio of differentiated products. Line Dragon complements
Somero's SP-16 Concrete Line Placing & Pulling system, with the
combined offering introducing innovative features to customers and
expanding Somero's customer relationships in this market
segment.
In the year ended 31 December 2018 Line Dragon, LLC generated
revenues of approximately $2.0M. The transaction is expected to
have a slight positive impact on 2019 earnings.
The acquisition includes all the business assets of Line Dragon,
LLC, including all patents associated with Line Dragon equipment in
exchange for $2.0M in cash paid at closing along with on-going
performance payments based on a percentage of future sales of
concrete line pulling and placing equipment. The performance
payments are not expected to be material to Somero.
Jack Cooney, President and CEO of Somero said:
"The opportunistic Line Dragon acquisition is a great fit for
Somero to expand our product offering and further extend our
customer reach. Line Dragon has grown a great business and
developed strong brand equity as a provider of concrete placing and
hose dragging equipment to the concrete industry. We are excited to
add Line Dragon to the Somero family of products and believe, in
combination with Somero's impressive capabilities, we are
positioned well for continued growth and innovation of this product
line."
Daniel Stolzfus, Owner Line Dragon, LLC said:
"Decades of hands-on experience in the concrete pumping industry
drove the development of Line Dragon equipment, and I am confident
that the combination of our innovative technology with Somero's
creates a strong offering to customers. Somero has the history,
industry expertise and world-class capabilities to make the most of
the significant opportunities in our market, continue to innovate
and make customers' businesses better, safer and more
profitable."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Enquiries:
Somero Enterprises, Inc. www.somero.com
Jack Cooney, CEO +1 239 210 6500
John Yuncza, CFO
Howard Hohmann, EVP Sales
finnCap Ltd (NOMAD and Broker)
Matt Goode (Corporate Finance) +44 (0)20 7220 0500
Carl Holmes (Corporate Finance)
Tim Redfern (Corporate Broking)
Alma PR (Financial PR Advisor) somero@almapr.co.uk
Rebecca Sanders-Hewett +44 (0) 203 405 0205
Susie Hudson
Sam Modlin
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END
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