Opus Signs Agreement to Acquire ESP, Inc. in the U.S.
-- Strategic acquisition strengthens Opus' subsidiary Systech International in U.S. vehicle inspection and maintenance (I/M) market.
-- ESP's important position in the decentralized market of emission inspection equipment sales and service is complementary to Systech's position as the leader in decentralized I/M program management contracts.
-- ESP's vehicle emission testing products align superbly with Systech's innovative equipment and database technology used in program management contracts.
MURRAY, Utah, Dec. 16, 2011 /PRNewswire/ -- Opus Prodox AB (publ) (Opus Group) announced today that its subsidiary Opus US, Inc. has signed an agreement with Environmental Systems Products Holdings, Inc. to acquire 100% of the shares of Environmental Systems Products, Inc. (ESP). The acquisition includes all of ESP's operations in the U.S., Mexico and Canada. The company expects to close the transaction within the next thirty days. Environmental Systems Products Holdings, Inc. will continue to operate their centralized emissions testing and remote sensing device businesses after the close of this transaction.
Once the transaction is completed, Lothar Geilen, CEO of Systech and Opus US, Inc., will also become CEO of ESP. "In tandem with Systech's industry-leading technologies, ESP will provide our company with first class equipment manufacturing capabilities, teamed with a top notch sales and service organization that is among the best in the vehicle inspection industry," stated Lothar Geilen. He added, "We welcome ESP's employees in joining our organization. We will continue focusing on excellent relationships with customers of both Systech and ESP."
The acquisition will combine the strengths offered by both Systech and ESP, adding valuable human resources and infrastructure, and providing a clear path for new business and future growth.
"This acquisition further strengthens our focus on the U.S. vehicle inspection market in our global strategy. We are excited to have ESP join us in building one of the leading vehicle inspection companies in the world," Magnus Greko, CEO of the Opus Group stated. "Together we commit to providing continued outstanding service to Systech's and ESP's customers once the acquisition is completed."
ESP's expected turnover for 2012 is $25 million, which includes approximately $7 million in business activities anticipated to expire over the next few years.
Opus will be using Swedbank AB (publ), New York Branch for acquisition financing.
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 Systech International, LLC
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