Opus Group AB
CORRECTION: Opus Completes Acquisition of ESP. Inc in the US
Opus Prodox AB 26.01.2012 09:37 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Gothenburg, Sweden, 2012-01-26 09:37 CET (GLOBE NEWSWIRE) -- -- Strategic acquisition strengthens Opus' subsidiary Systech International in U.S. vehicle inspection and maintenance (I/M) market. -- ESP's dominant 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 with Systech's innovative equipment and database technology used in program management contracts. -- ESP's expected turnover in 2012 is approx. USD 25 million (SEK 169 million*), contributing to a growth of approx. 65 % to the existing Opus Group. -- Purchase price paid was USD 9.7 million, which includes a provisional net asset value of USD 5.2 million, whereof cash is USD 0.3 million. --The acquisition being financed through existing equity and bank loans, will contribute with approx. SEK 0.05 to the net profit per share beginning 2012.
Opus Prodox AB (publ) (Opus Group) announced today that its subsidiary Opus US, Inc. has completed the acquisition of 100% of the shares of Environmental Systems Products, Inc. ('ESP') from Envirotest Systems Holdings Corp. which will continue to operate its centralized and Remote Sensing programs under the Envirotest name. The acquisition includes all of ESP's operations in the U.S., Mexico and Canada. In 2011, ESP is expected to generate approx. USD 27 million in revenues and exceed USD 3 million in EBITDA. The company has approximately 160 employees. The total purchase price paid was USD 9.7 million, which includes a provisional net asset value of USD 5.2 million, whereof cash is USD 0.3 million. The company has not yet finalized the purchase price allocation. Opus expects that the acquisition will immediately contribute positively to the company's bottom line. 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 USD 25 million, which includes approximately USD 7 million in business activities anticipated to expire over the next few years. The financing of this acquisition is made through existing equity and bank loans. The financing bank is Swedbank AB (publ). * Calculated with an exchange rate USD/SEK of 6,77 per January 25, 2012. This press info is available in Swedish at www.opus.se. For additional information, please contact Magnus Greko, President and CEO Phone: +46 31 748 34 91 E-mail: magnus.greko@opus.se Opus' Certified Adviser Thenberg & Kinde Fondkommission AB Box 2108 SE-403 12 Gothenburg Sweden Phone: +46 31 745 50 00 -------------- The Opus Group is in the business of developing, producing and selling products and services within Automotive Test Equipment, Vehicle Inspection Systems and Fleet Management for the global market. The Group's products include emission analyzers, diagnostic equipment and automatic test lines. Services include management of mandatory vehicle inspection programs. The Group sells its products and services in more than 50 countries all over the world and currently employs around 170 persons. The turnover for 2010 was approx. SEK 230 million. Opus' share is listed on First North Premier (NASDAQ OMX) under the ticker OPUS. News Source: NASDAQ OMX 26.01.2012 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Opus Prodox AB Sweden Phone: Fax: E-mail: Internet: ISIN: SE0001696683 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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