Last checked at 17 Aug 2010 07:00
Eleco plc
("Eleco" or "the Group")
Acquisition of Lubekonsult AB
The Board of Eleco, the specialist provider of Software and Building Systems to the construction industry, announces the unconditional acquisition by Consultec Byggprogram AB, its Swedish software subsidiary, of Lubekonsult AB ("Lubekonsult") to be effected on 1 September 2010. Lubekonsult was founded in 1984, is situated in Stockholm and provides cost estimation services and software to the Swedish ventilation market.
Turnover of LubeKonsult in 2009 was approximately £550,000 and EBIT for the same period approximately £90,000.
The consideration, which will be payable in cash, is a minimum of approximately SeK1,800,000 (approximately £160,000Note)paid on completion, with a deferred element of up to a maximum of SeK2,500,000 (approximately £220,000Note) depending on profit performance over each of the next two years.
Consultec Byggprogram, Eleco's principal Swedish software operation, provides cost estimation software and services to the construction, plumbing and electrical contractor markets in Sweden. The acquisition of Lubekonsult extends Consultec Byggprogram's offering into the ventilation market and will enable it to address the needs of large multi-disciplinary customers who prefer a single solution to meet their cost estimation needs.
Note: Exchange rate of 11.34SeK / £
John Ketteley, Executive Chairman of Eleco, commented:-"Lubekonsult has an experienced and highly respected team in the Swedish ventilation market and its acquisition is a strategic move which will enable Consultec Byggprogram to accelerate its entry into the Swedish ventilation cost estimation market."
For further information please contact:-
| Eleco plc | T: 01920 443 830 |
| John Ketteley, Executive Chairman Craig Slater, Chief Operating Officer |
|
| Collins Stewart Europe Limited Bruce Garrow / Sebastian Jones | T: 020 7523 8350 |