Nasdaq Copenhagen
Nikolaj Plads 6
DK - 1007 Copenhagen K
16 December 2015
Announcement No. 22
Nilfisk acquires Pressure-Pro to strengthen market position in the Americas within high-pressure washers
Nilfisk has signed for the acquisition of Pressure-Pro. Inc., a leading manufacturer of high-pressure washers headquartered in Florida, USA, effective 1 January, 2016. The transaction price amounts to USD 31m, equivalent to approx. DKK 211m.
Pressure-Pro manufactures both cold and hot water high-pressure washers and has a nationwide distributor and dealer network. In 2014, Pressure-Pro realised revenue of USD 40m (approx. DKK 272m) and has approx. 90 employees. The current owners of Pressure-Pro will remain in place to ensure continued growth and capture of the synergies with Hydro Tek, which was acquired on 1 November 2015, cf. NKT’s Interim Report Q3 2015.
The two acquisitions will strengthen Nilfisk’s market position, combining Pressure-Pro’s cold water solutions and Eastern US strongholds with Hydro Tek’s hot water solutions and Western US bastions. Furthermore, both existing and new customers of the two businesses will benefit from improved product offerings and service concepts.
NKT’s Group Executive Director Michael Hedegaard Lyng comments on the acquisition:
- NKT has the financial strength to drive and support the growth ambitions of all its businesses. Nilfisk’s declared agenda to continue gaining leading market positions and pursue growth opportunities through acquisitions is therefore fully in line with our aim of constantly increasing value creation.
Nilfisk President and CEO Jonas Persson, comments on the strategic potential:
- Our Accelerate strategy contains several levers to ensure growth, one being to continuously look for opportunities to acquire leading manufacturers with solid market access. Uniting the Pressure-Pro and Hydro Tek acquisitions with Nilfisk’s product range and market reach will establish a strong position for Nilfisk in the high-pressure washer market, both in the US and throughout the Americas.
The acquisition will not impact NKT’s 2015 outlook and is expected to contribute positively as from 2016.
| Contacts | ||
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Michael Hedegaard Lyng Group Executive Director Tel: +45 4348 2000 |
Lasse Snejbjerg Head of Investor Relations Tel: +45 2913 6607 |
