Thorpe(F.W.) PLC Acquisition (0457A)
21 December 2017 - 8:00PM
UK Regulatory
TIDMTFW
RNS Number : 0457A
Thorpe(F.W.) PLC
21 December 2017
F W Thorpe Plc
("F W Thorpe" or the "Company")
Acquisition
F W Thorpe is pleased to announce the acquisition of 100% of the
share capital of Famostar B.V. ("Famostar") in the Netherlands, a
specialist in emergency lighting for a range of different
sectors.
The acquisition is expected to enhance earnings per share in the
first full financial year of ownership (to 30 June 2019), as well
as complementing the Company's existing technologies, providing
potential growth opportunities and synergies. It is expected to
make a minor contribution to Group profits in the year ending 30
June 2018.
F W Thorpe has paid an initial consideration of EUR7.6m (circa
GBP6.8m), with up to an additional EUR0.5m (circa GBP0.4m) payable
subject to performance conditions relating to the EBITDA for 2017
and 2018.
The Famostar investment will be acquired via Lightronics
Participaties B.V., our holding company in the Netherlands and be
subject to similar share appreciation conditions established when F
W Thorpe acquired Lightronics in 2015.
The initial consideration has been funded from the Company's
existing cash reserves and this is the intention for any additional
consideration.
The senior management team will remain in the business and
report directly to the board of Lightronics B.V.
About Famostar
Famostar specialises in the development, manufacture and supply
of emergency lighting products. Revenues are derived from the
Netherlands, where it is considered one of the foremost brands in
the market. Famostar was originally established in 1947, is based
in Velp and currently employs 31 people.
During its last financial year ended 31(st) December 2016,
Famostar achieved revenues of EUR6.8m and adjusted profit before
tax of EUR0.9m. For the year ending 31(st) December 2017 forecast
revenues are EUR7.8m, with an adjusted profit before tax of
EUR1.2m. Net assets as at 31(st) December 2016 were EUR2.9m.
The addition of Famostar will further develop the Lightronics
presence in the Netherlands and expand its emergency lighting
product portfolio.
Chairman, Mike Allcock commented:
"I would like to welcome Famostar to the F W Thorpe group. We
are looking to build upon our successful acquisition of Lightronics
by growing our presence and our product portfolio in the
Netherlands.
With the addition of the successful Famostar brand and the
potential to share our recent developments in wireless emergency
lighting systems, we are looking forward to the opportunity to
generate further value for our shareholders."
For further information please contact:
F W Thorpe Plc
Mike Allcock - Chairman, Joint Chief Executive Tel: 01527
583200
Craig Muncaster - Joint Chief Executive, Financial Director Tel:
01527 583200
N+1 Singer - Nominated Adviser
Richard Lindley / James White Tel: 020 7496 3000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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