MURRAY, Utah, July 9, 2012 /PRNewswire/ -- Opus Group AB (publ) ("Opus Group") has signed a definitive agreement to acquire 70 inspection stations (the "Acquisition") from AB Svensk Bilprovning ("Bilprovningen")
- In the 4th quarter 2012, Opus Group will complete the acquisition of a Bilprovningen subsidiary that includes 70 inspection stations with 243 inspection lanes. The subsidiary inspects nearly 2 million vehicles per year, with a geographical focus on Stockholm, the Malardalen region, and North Sweden.
- The purchase price amounts to SEK 375 million ($53.3 million) including cash of approx. SEK 20 million ($2.8 million) and estimated equity build-up between May 1 and closing amounting to SEK 35 million ($5 million).
- By gaining a large market share in Sweden, Opus Group builds a strong platform for future expansion, both within Sweden and internationally.
- Opus Group's estimated combined turnover increases to approx. SEK 960 million ($136.5 million) based on fiscal year 2011, which includes the recently acquired U.S. company Environmental Systems Products, Inc. (ESP) and the current acquisition of inspection stations from Bilprovningen. The estimated combined EBITDA of 2011 amounts to approx. SEK 140 million ($20 million). The Acquisition is expected to have a significant positive impact on the net result in 2013.
- The Acquisition will be financed through a credit facility of SEK 175 million ($25 million), a vendor promissory note of approx. SEK 170 million ($24 million) and a rights issue of approximately SEK 50 million ($7 million) (the "Rights Issue"). Opus has contracted Swedbank as the financial advisor in connection with the Rights Issue.
Background and reasons for the Acquisition
Opus Group is a public company with headquarters in Gothenburg, Sweden and listed on Nasdaq OMX First North Premier under the ticker OPUS. Opus Group operates vehicle inspection programs, and develops, produces and sells equipment and IT systems for the vehicle inspection industry. Opus Group companies, Systech International (Systech) and Environmental Systems Products (ESP) are leading operators in the U.S. vehicle inspection industry, managing over 13 million vehicle inspections per year.
The acquisition of 70 inspection stations from Bilprovningen builds on program management competence of Systech and expands Opus Group's reach within the vehicle inspection management business to the European market.
"Opus Group has extensive knowledge and experience of managing vehicle inspection programs and supplying equipment and IT systems to the vehicle inspection industry. We believe that by combining Bilprovningen's operation with Systech's competence in vehicle inspection will create a strong organization both in Europe as well as internationally," says Magnus Greko, CEO of Opus Group.
"We are looking forward to transitioning the 70 inspection stations and to creating a world class vehicle inspection operation and IT system in Sweden," stated Lothar Geilen, CEO of Opus U.S. and head of Opus' vehicle inspection business unit.
Systech International, established in 1999, is part of the Opus Group and provides turnkey vehicle inspection program management contract services to various levels of government agencies (federal, state and regional) and to individual inspection stations. Opus' share is listed on First North (Stockholm Stock Exchange) under the ticker OPUS.
SOURCE Opus Group AB