Business
Acquisition + Analysts' Meeti
Acquisition + Analysts' Meeti.
About this update from Discoverie Group Plc
[{"type":"text","content":"\n RNS Number : 5672B Acal PLC 29 October 2009 \n \nFOR RELEASE 7.00 AM\n29 OCTOBER 2009\n\nACAL PLC (\"ACAL\")\n\nPROPOSED ACQUISITION OF FINANCIÈRE BFI OPTILAS S.A.S. (\"BFI OPTILAS\")\n\nAcal is pleased to announce that it has agreed to acquire the entire issued share capital of BFi OPTiLAS (the \"Acquisition\"). BFi OPTiLAS is a private specialised distributor of electronic and photonic components, modules and systems across Europe, as well as supplying value-added calibration and maintenance services. BFi OPTiLAS will be acquired for a consideration of €10 million payable in cash and 2 million Acal ordinary shares to be issued on completion (the \"Consideration\").\n\nAcquisition highlights:\n\n\n\nThe Acquisition represents a key step in executing Acal's group strategy, creating the leading specialist distributor in Europe, with a clearly differentiated market position\n\n\nThe Directors of Acal expect the Acquisition to be earnings enhancing (before exceptional items) in the financial year to 31st March 2011, and to create long term value for shareholders\n\n\nSubstantial operational synergies in excess of €5m\n\n\nFor the twelve months to June 2009, BFi OPTiLAS had revenue of €105.0m (2008: €128.8m), EBITDA before non-current operating income and expenses of €0.7m (2008: €4.4m) and operating profit from current operations of €48,000 (2008: €3.6m)\n\n\nThe Acquisition is recommended by the Acal Board\n\n\n\nCommenting on today's announcement, Nick Jefferies, Chief Executive of Acal said: \"I am delighted to announce the acquisition of BFi OPTiLAS, which is a key step in our stated strategy of specialisation. By bringing the two businesses together, we are creating a clearly differentiated specialist, providing electronic and photonic products and services to over 14,000 customers across Europe. This transaction creates the scale required to succeed in the key European markets, and enables substantial operational synergies.\"\n\nFor further information, please contact:\n\nEnquiries\n\nAcal plc:\nNick Jefferies ~ Chief Executive 01483 544500\nMalcolm Cooper ~ Finance Director 01483 544500 \n\nJ.P. Morgan Cazenove:\nPatrick Magee...