Fagerhult acquires Whitecroft Lighting Ltd. in United Kingdom
In order to further strengthen its position in the European Lighting Industry and to create a platform for growth in the important UK market, Fagerhult today announces the acquisition of the UK lighting company Whitecroft Lighting Ltd as of 4 November 2005. The acquisition will have a positive effect on the full year profit per share in 2006.
"It is in our strategy to be among the top three Lighting Systems providers in Europe through profitable growth. With this acquisition we further strengthen our position in the important UK market", says Per Borgvall, CEO Fagerhult. "Whitecroft is a major UK Lighting business with its core business in the private and public market sectors and with a particularly strong position in the Healthcare market sector, which is a perfect fit to Fagerhults strategic objective to grow in this market segment". Whitecroft has a sales turnover of approx £30m (400 MSEK) and 280 employees.The company is based in Ashton-under-Lyne, just outside Manchester in the UK and operating from a single site production unit. The business has a healthy profit, growth momentum and a well established position in the UK market. The sellers are H2 Lighting BV, a Dutch private equity company and management following an MBO made in 2000. The consideration for the share purchase is maximum £21 m, £15 m in cash upfront and up to £6 m in an earn-out structure ending in March 2007. "Through the acquisition of Whitecroft we will create a strong business platform in the UK market and the current Fagerhult Lighting business in the UK will continue to work independently of Whitecroft, executing its successful strategy and positioning" Per Borgvall concludes. For more information please contact:Per BorgvallCEOtel: +46 36 10 87 06mobile: +46 70 655 45 44e-mail: firstname.lastname@example.orgUlf KarlssonFinancial Directortel: +46 36 10 85 63mobile: +46 70 537 04 54e-mail: email@example.com