Business
Acquisition & Board Appointment
Acquisition & Board Appointment.
About this update from Tristel Plc
[{"type":"text","content":"\n \nRNS Number : 6924H Tristel PLC 19 November 2018 \n\n \nTristel plc\n(\"Tristel\" or the \"Company\")\n \nAcquisition of European Distributors\nBoard Appointment\n \nTristel plc (AIM: TSTL), the manufacturer of infection prevention products, announces the acquisition of Ecomed Services N.V. (Belgium), Ecomed Nederland B.V. (Netherlands) and Ecomed France SARL (France), together the \"Ecomed Group\", and the appointment of the Ecomed's CEO, Bart Leemans, to the Tristel Board as an Executive Director. \n \nEcomed Group\nThe Ecomed Group is Tristel's exclusive distributor in Belgium, the Netherlands, Luxembourg (\"Benelux\") and France. The Ecomed Group has achieved strong growth in recent years and is both cash generative and profitable. Its sole office and warehousing facility is in Antwerp, Belgium. The beneficial owners of the Ecomed Group companies are Bart and Jan Leemans (\"the Vendors\").\n \nThe Ecomed Group's sales during the twelve-month period ending 30 June 2018 were €3.07m of which €2.54m were of Tristel products. In the six months ended 30 June 2018 the Ecomed Group achieved EBITDA of €0.57m (unaudited) on revenues of €1.66m. At 30 June 2018, the Ecomed Group had net assets of €1.3m. \n \nHighlights:\n \n· The Company expects the acquired business to contribute incremental earnings in its current financial year of at least £250,000 after transaction and integration costs, and in subsequent years to be materially earnings enhancing;\n \n· The Ecomed Group's highly experienced management and sales team led by Bart and his brother Jan Leemans are to remain with Tristel. Bart Leemans joins the Tristel plc Board as an Executive Director;\n \n· Bart and Jan Leemans are restricted from disposing of the Consideration Shares for a period of twelve months;\n \n· The acquisition expands Tristel's footprint of wholly-owned operations across continental Europe. Tristel now operates from subsidiaries in Belgium, Netherlands, France, Germany, Poland and Switzerland and has a 20% stake in Tristel Italia Srl. The Company's salesforce increases to 18 across continental Europe and eight within the United Kingdom;\n \n· Ecomed Belgi...