Last checked at 26 Sep 2022 15:00
FW Thorpe Plc
("FW Thorpe" or the "Company")
Acquisition
FW Thorpe is pleased to announce the acquisition of 80% of the share capital of SchahlLED Lighting in Germany, a turnkey provider of intelligent energy saving lighting products for the industrial and logistics sector.
The acquisition is expected to enhance earnings per share in the financial year ending 30 June 2023, solidifying our business in Germany and providing further growth opportunities.
FW Thorpe has paid an initial consideration of €14.6m (circa £12.8m) and could pay an additional amount to be determined by SchahlLED's EBITDA performance in the year ending 30 June 2023.
The initial consideration has been funded from the Company's existing cash reserves, these reserves and the cash generated from SchahlLED over the next few years will fund the purchase of the remaining share capital in the future.
The senior management team will remain in the business and report directly to the board of Thorlux Lighting.
About SchahlLED
SchahlLED Lighting is a turnkey provider of intelligent LED solutions for the industrial and logistics sectors with more than 50 years of lighting and 20 years of LED experience currently employing 26 people. The company is based in Unterschleißheim near Munich and has sales offices in Cologne and Weyhe close to Bremen. It is active in Germany, Austria, Switzerland and Poland. As both manufacturer and full-service provider, SchahlLED plans lighting concepts and supplies intelligent LED lighting systems. With an extensive network of sales and service partners, SchahlLED completes more than one hundred projects annually. SchahlLED and Thorlux have worked together since 2019 distributing SmartScan products primarily into the German market. For more information visit www.schahlled.de
During the last financial year ending 31 December 2021, SchahlLED achieved revenues of €15.9m with EBITDA of €2.8m. Net assets as at 31 December 2021 were €3.5m.
The addition of SchahlLED will further strengthen the Group's presence in Europe and provide opportunities for the Group to grow SmartScan revenues into Germany and other selected European territories.
Chairman, Mike Allcock commented:
"I would like to welcome the SchahlLED team to the Group. We aim to build upon our successful partnership, distributing our market leading SmartScan products into Germany and surrounding areas and continuing to grow our presence across Europe.
We are looking forward to the opportunity to generate further value for our shareholders by building on the success of this partnership for years to come."
For further information please contact:
F W Thorpe Plc
Mike Allcock - Chairman, Joint Chief Executive Tel: 01527 583200
Craig Muncaster - Joint Chief Executive, Financial Director Tel: 01527 583200
Singer Capital Markets - Nominated Adviser
Steve Pearce / James Moat Tel: 020 7496 3000