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Sdiptech AB (publ) completes acquisition of two companies in the elevator sector in Austria

Stockwatch
2017-06-08 19:00

Press release
June 8, 2017, 19:00

Sdiptech completes acquisition of two companies in the elevator sector in Austria

Sdiptech today completed the acquisition of 51 percent of the two Austrian companies ST Liftsystems GmbH and Aufzüge Friedl GmbH, both operating in the elevator sector. The acquisition agreement was originally signed on March 9, 2017. Sdiptech has an option to acquire the remaining 49 percent of both companies.

ST Liftsystems manufactures elevators with a compact design that enables them to be installed in tight spaces in existing real estate as well as in new construction. The business model is designed to cost-efficiently size and package easily mounted elevators to installation companies globally.

Aufzüge Friedl performs installation and servicing of elevators in Vienna and nearby areas.

Jakob Holm, CEO of Sdiptech AB, comments:

"With the acquisition of ST Liftsystems we get access to a very interesting product for our existing elevator operations in the Stockholm area, in addition to the fact that we obviously see great potential for international sales to independent operators. With Aufzüge Friedl we expand our elevator service business to Vienna, which, like Stockholm, is a fast-growing capital in line with our long-term strategy."

Jürgen Friedl, founder of Aufzüge Friedl and ST Liftsystems, comments:

"I am very pleased to get Sdiptech as a partner and I see great potential for ST Liftsystems, which has a product ready for serial production, to grow through Sdiptech's operations both in Sweden and internationally."

Including the acquisition, Sdiptech's total revenue on an annual basis amounts to approximately SEK 1,015 million and EBITA to approximately SEK 157 million. For companies that have been part of the Group for less than one year, the latest annual accounts have been added to the Group's latest annual accounts. The total consideration for 51 percent of the two companies amounts to EUR 6.5 million. Future earnings in the two companies are distributed according to a model for additional consideration that stretches over five years. The option for the seller's remaining 49 percent stretches over ten years. In total, Sdiptech estimates that the present value of all future payments is approximately SEK 40 million, which will be reported as a liability in the Group's accounts.

Sdiptech AB's common share of series B is traded under the name SDIP B with ISIN-code SE0003756758.
Sdiptech AB's preference share is traded under the name SDIP PREF with ISIN-code SE0006758348.
Sdiptech AB's Certified Adviser on Nasdaq First North Stockholm is Erik Penser Bank. Additional information can be found on the company's website: www.sdiptech.com

For further information, please contact:

Carl Johan Åkesson, CFO, +46 708 30 70 57, cj.akesson@sdiptech.com

Jakob Holm, CEO, +46 761 61 21 91, jakob.holm@sdiptech.com

Sdiptech AB is a technical business group with focus on urban infrastructures. The Group offers deeply niched products and services for expanding as well as renovating fast-growing metropolitan areas. The Group has its seat in Stockholm.

This information is information that Sdiptech AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons set out above, at 19:00 CET on June 8, 2017.

170608 - Aufzuge ST Liftsystem EN

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sdiptech AB via Globenewswire

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