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3 Nov 2008 07:00
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STADIUM GROUP PLC
3Β NOVEMBERΒ 2008
STADIUM GROUP PLC ACQUIRESΒ ZIRKONΒ LIMITED
StadiumΒ GroupΒ Plc,Β the AIM-listed provider of Electronic Manufacturing ServicesΒ ("EMS")Β and power solutions,Β announces the acquisition ofΒ Zirkon Limited ("Zirkon") forΒ aΒ net cash consideration ofΒ Β£2.5mΒ funded by new debtΒ facilitiesΒ provided by Barclays Bank PLC.
Zirkon, anΒ EMSΒ provider since 1999, brings additional high technology market experience to theΒ GroupΒ including considerable expertise in the industrial instrumentation, security, medical and mobility sectors.
Zirkon, which employs 84Β peopleΒ atΒ itsΒ manufacturing operations inΒ RugbyΒ will change its name to Stadium Zirkon Limited and will trade as Stadium Electronics.Β
In the year endedΒ 30 June 2008Β Zirkon reported turnover of Β£7.3m, profit before interest and taxation of Β£0.6m and net assets at completion are expected to be approximately Β£1.6m on a cash free debt free basis.
Commenting on the deal,Β Nigel Rogers, StadiumΒ GroupΒ Chief Executive,Β said: "In a time of continued consolidation in the UK EMS industry, we identified an opportunity to acquire a well managed business that offers a perfect fit with our operational model and growth strategy.Β
"Zirkon isΒ an experienced company with a high qualityΒ customer baseΒ within growing market sectors.Β
"The acquisitionΒ will facilitate our expansion in the EMS market on the strength ofΒ combined capabilities and synergy between the customers and markets servedΒ andΒ will playΒ a significant role in the futureΒ developmentΒ of StadiumΒ GroupΒ plc."
Further enquires:
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Stadium Group plc |
Tel: 01429 852 500 |
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Nigel Rogers, Chief Executive |
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www.stadium-plc.comΒ |
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Brewin Dolphin Limited |
Tel: 0845 270 8611 |
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Andrew Emmott |
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Parkgreen Communications Ltd |
Tel: 020 7933 8787 |
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Paul McManus |
Mob: 07980 541 893 |
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paul.mcmanus@parkgreenmedia.com |
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