Press release
31 January 2017, 17:45
Sdiptech acquires Multitech Site Services Limited
As of today, Sdiptech completes the acquisition of Multitech Site Services Limited. The agreement to acquire was originally entered into and communicated on 29 December 2017.
Multitech provides temporary infrastructure, with a primary focus on the metropolitan area in London. The company offers services to construction sites including temporary electricity, data, plumbing, fire safety, evacuation and fuel supply. During the financial year ending October 31, 2017, net sales amounted to approximately GBP 10.4 million and operating income to approximately GBP 1.9 million.
Sdiptech's total revenue, on an annual basis after the acquisition, amounts to approximately SEK 1,407 million and EBITA on an annual basis to approximately SEK 194 million. For companies that have been under Group ownership for less than a year, the latest annual accounts have been added to the Group's earnings from other companies, based on their outcome in the past four quarters.
Jakob Holm, CEO, Sdiptech, comments:
"Multitech has delivered successful projects for many years in temporary infrastructure. The company's focus correlates very well with Sdiptech's, with a good mix of customers in both the public and private sectors. With the acquisition of Multitech, we take an additional step in our strategy to expand to London and the UK."
Guy Scilly, CEO, Multitech Site Services, comments:
"I am very pleased to welcome the Sdiptech group as the new owners of Multitech. I like their business philosophy and the shared values that we hold. I am in no doubt that their expertise and network will enable further growth for the business going forward."
The company is valued at GBP 11 million on acquisition, and the total purchase consideration, including future performance-based additional purchase considerations over four years, will reach a maximum of GBP 14.3 million, which requires very good growth in the operations. In connection with today's acquisition, GBP 7.75 million was paid in cash, while the remaining amount will be recognized as a liability in the Group's consolidated accounts.
Sdiptech AB's ordinary Series B share is traded under the short name SDIP B with ISIN code SE0003756758. Sdiptech AB's preferred shares are traded under the short name SDIP PREF with ISIN code SE0006758348. Sdiptech AB's Certified Adviser at Nasdaq First North Stockholm is Erik Penser Bank. Further information is available on the company's website: www.sdiptech.com
For additional information, please contact:
Carl Johan Åkesson, CFO, +46 708 30 70 57, cj.akesson@sdiptech.com
Jakob Holm, CEO, +46 761 61 21 91, jakob.holm@sdiptech.com
Sdiptech AB is a technology group with a primary focus on urban infrastructures. The Group offers deeply niched services and products for both expanding and renovating rapidly growing metropolitan areas. The company is based in Stockholm.
Sdiptech AB (publ) is required to disclose this information pursuant to EU Market Use Regulation 596/2014. The information was provided by the above contact persons for publication 31 January 2018 at 17:45 CET.
