Acal PLC Acquisition (4636B)
07 January 2015 - 6:00PM
UK Regulatory
TIDMACL
RNS Number : 4636B
Acal PLC
07 January 2015
7.00am, 7 January 2015
Acal plc
Acquisition of Foss AS
Acal plc (LSE: ACL, "Acal" or the "Group"), a leading
international supplier of customised electronics to industry, today
announces the acquisition of Foss AS Fiberoptisk Systemsalg
("Foss"), a designer and manufacturer of customised fibre optic
solutions, for an initial consideration of NOK 117m (GBP10.1m) on a
debt free, cash free basis, before expenses. The acquisition is
being funded from Acal's existing debt facilities and is expected
to be immediately earnings enhancing.
Additional cash consideration of up to NOK 22m (GBP1.9m) will be
payable over the next 3 years, subject to the business achieving
agreed growth targets.
Foss, which has operations in Norway and Slovakia, is a leading
designer and manufacturer of customised fibre optic cabling which
enables high speed communication, increasingly required in
industrial as well as telecommunication applications.
With approximately 100 staff, the business will operate within
Acal's Design & Manufacturing division whilst retaining its
brand identity. Revenues for the year ended 31 December 2013 were
NOK 163m (GBP14.0m) generating a pre-tax profit of NOK 17.6m
(GBP1.5m). Gross assets at 31 December 2013 were NOK 82m
(GBP7.1m).
The addition of Foss to Acal's fibre optic capability will
approximately double Acal's revenues in this area, and with Foss
benefitting from access to Acal's broad customer base and
international reach, the acquisition is expected to create
cross-selling opportunities within the Group.
Foss has been acquired from Skjelsbæk Invest AS ("SI"), a
Norwegian company which is wholly-owned by Mr Runar Skjelsbæk, a
Director of Foss. Mr Skjelsbæk will continue as a member of the
Foss management team.
Nick Jefferies, Group Chief Executive of Acal plc, said:
"We are delighted to welcome Foss into the Acal Group. The
acquisition continues our strategy of acquiring high quality,
growing businesses that broaden and strengthen our technology
expertise, thereby creating further growth opportunities. Foss has
a well established track record of designing and manufacturing high
performance, customised fibre optic products. As part of the
enlarged Group, Foss will gain access to our base of over 20,000
customers while Acal will benefit from access to their customised
design and manufacturing skills."
For further information please contact:
Acal plc
Nick Jefferies - Group Chief Executive
Simon Gibbins - Group Finance Director
01483 544 500
Peel Hunt (Corporate Broker)
Justin Jones
Mike Bell 020 7418 8900
Instinctif
Mark Garraway
Helen Tarbet 020 7457 2020
Notes to Editors:
About Acal plc
Acal is a leading supplier of customised electronics to
industry. It designs, manufactures and distributes
customer-specific electronic products and solutions to 20,000
industrial manufacturers and is listed on the London Stock Exchange
(LSE: ACL).
Acal has two divisions: Custom Distribution and Design &
Manufacturing. The majority of its sales comes from products and
solutions which are either created uniquely for a customer or
sourced exclusively. Acal works across a range of technologies,
namely Communications & Sensors, Electromechanical, Imaging
& Photonics, Microsystems & Displays, and Power &
Magnetics.
Acal operates through the following wholly-owned businesses:
Acal BFi, Foss, Hectronic, MTC, Myrra, Noratel, RSG, Stortech and
Vertec. It has operating companies and manufacturing facilities in
a number of markets, including the UK, Germany, France, the Nordic
region, Benelux, Italy, Poland, Slovakia and Spain, as well as in
Asia (China, India, Sri Lanka and South Korea), the US and South
Africa.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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