REG - Aurrigo Int PLC - Acquisition of GB Wiring Systems Limited

Aurrigo InternationalAnnouncement

01/06/2023 07:00

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RNS Number : 2468B  Aurrigo International PLC  01 June 2023

1 June 2023

Aurrigo International plc

 

Acquisition of GB Wiring Systems Limited

 

Aurrigo International plc (AIM: AURR, the "Group" or "Aurrigo"), a leading
international provider of autonomous transport technology solutions
particularly for the Aviation industry, announces that it has acquired GB
Wiring Systems Limited ("GB Wiring"), specialist providers of electrical
wiring harnesses and assemblies for the Automotive industry, for a
consideration of approximately £0.25m (the "Acquisition").

 

The Acquisition will be immediately earnings enhancing and will complement
Aurrigo's existing Automotive business, allowing for improved supply chain
logistics for key automotive products, whilst also enhancing the Group's broad
core design and manufacturing competencies for the benefit of its Autonomous
and Aviation Technology divisions.

 

GB Wiring, based in Leicestershire, UK, has been operating for 11 years as a
complete wiring solution supplier of electrical wiring systems for the
Automotive and Industrial Sectors; whilst there is no cross over of customer
base, there is strong synergy between the existing products and skills of both
Aurrigo and GB Wiring. For the year ended 31 August 2022 reported turnover of
approximately £665,000, profit before tax of approximately £74,000 and had
net assets of approximately £100,000.

 

Graham Keene, Director of Corporate Development , Aurrigo, said:

 

"This Acquisition brings us enhanced capabilities and capacity in our core
Automotive area of wiring harnesses and electrical components. In addition, we
will continue to leverage these capabilities which we have used so
successfully in developing our Autonomous and Aviation divisions.

 

Given our successful track record of acquiring businesses, we are confident of
smoothly integrating GB Wiring to ensure continuity of service for its
established customer base and are delighted to be welcoming GB Wiring's
skilled team into the Group.

 

Mark Robson and Mike Francks, Directors of GB Wiring, commented:

 

"Aurrigo is a long-established leader in automotive electronics and we are
pleased to be joining the team. We are confident that our capabilities and
expertise can enhance Aurrigo's existing offering and will ensure that there
is a smooth transition for both our staff and our customers".

 

Further details of the Acquisition

 

The total consideration, to be funded the Group's existing cash resources,
comprises an initial cash consideration of £0.2 million, plus a deferred cash
fee of £0.05 million payable on the first anniversary following completion of
the Acquisition. The initial consideration will also be subject to certain
adjustments for cash, indebtedness and working capital (currently estimated to
be approximately £0.02 million).

 

GB Wiring staff will become employees of Aurrigo, including directors of the
company who will remain with the combined business to ensure a smooth
transition.

 

GB Wiring will continue to operate from its existing premises, enabling it to
continue to fulfil its existing customers' needs whilst progressing with a
smooth transition into Aurrigo's Automotive business.

 

For further enquiries:

 Aurrigo International plc                                    +44 (0)2476 635818

 David Keene, Chief Executive Officer

 Graham Keene, Director of Corporate Development

 Ian Grubb, Chief Financial Officer

 Singer Capital Markets (Nominated Adviser and Sole Broker)   +44 (0)20 7496 3000

 Phil Davies, Rick Thompson, George Tzimas, Jalini Kalaravy

 Instinctif Partners (Financial Communications)               +44 (0)20 7457 2020

 Rozi Morris, Tim McCall, Isadora Pegler                      aurrigo@instinctif.com

 

About Aurrigo

Aurrigo is a leading international provider of transport technology solutions.
Headquartered in Coventry, UK, it designs, engineers, manufactures and
supplies autonomous vehicles and OEM products to the automotive and transport
industries, particularly focusing on aviation. It is highly regarded as a
specialist in autonomous and semi-autonomous technology solutions for the
aviation, ground handling and cargo industries. Aurrigo has developed six
types of autonomous vehicle to date, which can be utilised to reduce costs,
resolve operational issues and tackle labour shortages, whilst also improving
sustainability. Aurrigo has three divisions, Automotive Technology, Autonomous
Technology and Aviation Technology. For more information, see www.aurrigo.com
(http://www.aurrigo.com)

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