ADDvise acquires Surplus Diabetics, Inc.

19-04-2022   Regulatory press release

ADDvise Group AB has today entered into a share purchase agreement with the owners of Surplus Diabetics, Inc. (“Surplus Diabetics”) regarding the acquisition of all the outstanding shares of Surplus Diabetics in accordance with the letter of intent communicated via a press release dated January 17, 2022. Closing of the acquisition takes place today.

Surplus Diabetics revenue for the last twelve months as of November 30, 2021, amounted to approximately USD 18.1 million, with an adjusted EBITDA of approximately USD 3.2 million, corresponding to an adjusted EBITDA margin of approximately 17.7 percent.

The purchase price amounts to a total of USD 19.5 million, divided into an initial purchase price of USD 16.0 consisting of USD 15.5 million in cash and an interest-free promissory note of USD 0.5 million. In addition, two potential earn-outs of maximum USD 1.6 million and USD 1.9 million respectively, given that Surplus Diabetics achieves certain predetermined targets based on materially higher financial targets than the company’s revenue for the last twelve months as of November 30, 2021.

The acquisition is financed through own funds. ADDvise assesses that the acquisition will have a positive impact on ADDvise earnings per share during the financial year 2022.

Adviser

Mangold Fondkommission AB is the financial adviser to ADDvise for the acquisition.

For further information, please contact:

Rikard Akhtarzand, CEO
+46 765-25 90 71

rikard.akhtarzand@addvisegroup.se

About ADDvise Group

ADDvise Group AB (publ) is a leading supplier of equipment to healthcare and research facilities. The group consists of 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 Premier 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.

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