ADDvise Group acquires MRC Systems FZE - Regulatory information

16-02-2021   Regulatory press release

ADDvise Group AB (publ) ("ADDvise") has entered into a share purchase agreement with the shareholders of MRC Systems FZE (the "Company" and "MRC") regarding an acquisition of 100 percent of the shares in the Company (the "Acquisition").

MRC develops and manufactures cleanrooms for the pharmaceutical industry and hospitals. The Company has its headquarters and production facility located in Dubai. The Company currently employs around 110 people.

The initial purchase price amounts to USD 5 million. In addition to the initial purchase price, additional earn-outs of maximum USD 3 million in total can be paid out over a three-year period, given that the sellers achieve certain predetermined targets.

The Company's revenue for the financial year 2019/2020 amounts to USD 9.8 million with an EBITDA of USD 1.10 million. Proforma revenue 2020 for ADDvise including MRC will therefore amount to approximately SEK 439.6 million with an EBITDA of approximately SEK 55.0 million. The Acquisition is financed with own funds.

The closing of the acquisition is expected to take place during the second quarter of 2021, subject to the conditions precedent to closing are met.

Adviser

Mangold Fondkommission AB has acted as financial adviser to ADDvise in the Acquisition. DLA Piper Middle East LLP has acted as legal adviser to ADDvise in the Acquisition.  

For further information, please contact:

Rikard Akhtarzand, VD
+46 765-25 90 71
rikard.akhtarzand@addvisegroup.se

Important information:

This information is by ADDvise Group AB required to disclose under the EU Market Abuse Regulation. The information was submitted for publication on 16 February 2021 at 15:00 CET.
 

Om ADDvise Group
ADDvise Group AB (publ) is a leading supplier of equipment to healthcare and research facilities. The group consists of approximately 10 subsidiaries organized into two business areas, Lab and Healthcare. Sales are global. The Group has a clear acquisition strategy with the aim of raising shareholder value and expand the business - both geographically and product wise. ADDvise Group's shares are listed on Nasdaq First North Growth Market and Mangold Fondkommission AB, +46 8 503 015 50, CA@mangold.se,is the Company's Certified Adviser. Additional information is available at www.addvisegroup.com.

Latest press releases

ADDvise announces preliminary result for 2022 which is stronger than expected

Regulatory

The preliminary result for ADDvise Group for the full year 2022 significantly deviates from what ADDvise Group considers to be current market expectations. [image] The net sales pro forma full year 2022 rolling 12 months amounted to SEK 1,097 million with an adjusted EBITDA pro forma of SEK 241 million. The financial targets for the…

ADDvise receives order worth USD 3.5 million

Regulatory

ADDvise Group AB’s subsidiary Poly Pharmaceuticals Inc has received an order from AxisCare Health Logistics Inc, a company distributing equipment and medical supplies to hospitals, clinics, medical offices and medical equipment suppliers. The order is worth approximately USD 3.5 million. The order consists of delivery of the prescription dietary supplemental Folite, developed and manufactured by…

ADDvise receives order worth USD 1.8 million

Regulatory

ADDvise Group AB’s subsidiary MRC Systems FZE has received an order from Nasser Saeed Al Hajri & Partners Contracting (NHS & Partners), a leading construction contractor in the United Arab Emirates. The order is worth approximately USD 1.8 million. The order involves the detailed design, supply and installation of an ISO 8 and ISO 7…