ADDvise Group AB (publ) ("ADDvise") has signed a Letter of Intent with the shareholders of MRC Systems Ltd (the "Company" and "MRC") regarding an acquisition of 100 percent of the shares in MRC (the "Acquisition").
MRC develops and manufactures cleanrooms for the pharmaceutical industry and hospitals. The Company has its headquarters and production facility located in Dubai. The Company owns an additional production facility in Spain. The Company's revenue is expected to amount to approximately USD 9.80 million with an adjusted EBITDA of approximately USD 1.10 million for the financial year 2019/2020. The Company currently employs around 110 people.
The purchase price amounts to a total of approximately USD 8.00 million, divided into an initial payment of approximately USD 5.00 million and two potential earn-outs of maximum and approximately USD 1.50 million each, given that the sellers achieve certain predetermined targets. Included in the purchase price is a debt-free production facility of an estimated value of USD 1.30 million. The Acquisition is financed through own funds and loan. ADDvise assess that the Acquisition will have a positive impact on ADDvise earnings per share during the financial year 2021.
The Acquisition is subject to a due diligence and that the parties agree to enter into a share purchase agreement. The share purchase agreement and admission are scheduled to be completed during Q1 2021.
"MRC is a great and profitable business with a strong position in the cleanroom industry. The Company has been a partner to one of our subsidiaries for many years. The acquisition widens ADDvise's geographical presence and broadens our product portfolio within the lab segment", says Rikard Akhtarzand, CEO of ADDvise.
For further information, please contact:
Rikard Akhtarzand, VD
+46 765-25 90 71
This information is by ADDvise Group AB required to disclose under the EU Market Abuse Regulation. The information was submitted for publication on 26 October 2020 at 08:55 CET.
Om ADDvise Group
ADDvise Group AB (publ) is a leading supplier of equipment to healthcare and research facilities. The group consists of approximately 10 subsidiaries organized into two business areas, Lab and Healthcare. Sales are global. The Group has a clear acquisition strategy with the aim of raising shareholder value and expand the business - both geographically and product wise. ADDvise Group's shares are listed on Nasdaq First North Growth Market and Mangold Fondkommission AB, +46 8 503 015 50,