Opus Inspection completes acquisition of Drew Technologies
Opus Inspection, Inc. has completed the acquisition of Drew Technologies Inc. (Drew Tech), a leading manufacturer of vehicle communication and diagnostic equipment for the vehicle inspection and automotive service industry, which was announced on February 13, 2015.
Drew Tech will become a subsidiary of Opus Inspection. However, the company will continue to operate as a stand-alone legal entity with the current management in place. The purchase price is USD 30 million (approximately SEK 255 million) plus a contingent earn-out of 4.4 million (approximately SEK 37 million). The acquisition includes a cash balance of approximately USD 0.4 million (approximately SEK 3 million). Hence, the acquired underlying business, excluding cash, is valued at approximately USD 34 million (approximately SEK 289 million) on a debt free basis. The acquisition was completed on March 23, 2015.
Drew Tech, founded in 1996 and headquartered in Ann Arbor, Michigan, USA, has developed into a leading supplier of OBD equipment for vehicle communication and diagnostics systems for automobile manufacturers, workshops, automotive dealerships, and inspection stations worldwide. All product development, design, and final production takes place in Ann Arbor. The company is at the forefront with its latest OBD technology that is used to inspect vehicles for both emission and safety vehicle inspection.
The acquisition means that Opus Inspection controls leading OBD technology it intends to use in several markets. This technology is of great importance for the future global product and service offering of Opus Inspection, including in the U.S. vehicle inspection industry.
For more information about Drew Tech please visit www.drewtech.com/; and for Opus Inspection, please visit www.opusinspection.com.
Vinge Advokatbyrå in Sweden and Ellis & Winters LLP in the U.S. act as legal advisers to Opus Group.
Mölndal, March 24, 2015
Opus Group AB (publ)
This press info is available in Swedish at www.opus.se
For additional information, please contact
President and CEO
Phone: 46 31 748 34 00
Phone: 46 765 25 84 93
About Opus Group
Opus Group is a leading company in vehicle inspection technology and vehicle inspection program operations. The Group has two main business areas which consist of vehicle inspection and equipment. Opus Group is one of the market leaders in vehicle inspection operations in the US and Sweden. Opus Bilprovning has 74 vehicle inspection stations in Sweden. Opus Inspection operates vehicle inspection programs in the U.S., Bermuda, Chile, Peru and Pakistan and is active in sales and service of emission control equipment in North America and Mexico. Through the subsidiaries, Opus Equipment and J&B Maskinteknik, Opus Group conduct production, sales and service of vehicle inspection equipment for vehicle inspection companies and vehicle workshops. Opus Group’s revenues amounted to approx. SEK 1,458 million in 2014. Opus Group’s shares are listed on Nasdaq OMX Stockholm.
FFFS 2007:17 (10 kap 11§) (SFSA rules) - The information in this press release is published in accordance with the rules in the law (2007:528) under the Securities Market Act (2007:528).