REG - Thorpe(F.W.) PLC - Acquisition

FW ThorpeAnnouncement

26/09/2022 15:00

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RNS Number : 6793A  Thorpe(F.W.) PLC  26 September 2022

FW Thorpe Plc

("FW Thorpe" or the "Company")

Acquisition

 

FW Thorpe is pleased to announce the acquisition of 80% of the share capital
of SchahlLED Lighting in Germany, a turnkey provider of intelligent energy
saving lighting products for the industrial and logistics sector.

 

The acquisition is expected to enhance earnings per share in the financial
year ending 30 June 2023, solidifying our business in Germany and providing
further growth opportunities.

 

FW Thorpe has paid an initial consideration of €14.6m (circa £12.8m) and
could pay an additional amount to be determined by SchahlLED's EBITDA
performance in the year ending 30 June 2023.

 

The initial consideration has been funded from the Company's existing cash
reserves, these reserves and the cash generated from SchahlLED over the next
few years will fund the purchase of the remaining share capital in the future.

 

The senior management team will remain in the business and report directly to
the board of Thorlux Lighting.

 

About SchahlLED

 

SchahlLED Lighting is a turnkey provider of intelligent LED solutions for the
industrial and logistics sectors with more than 50 years of lighting and 20
years of LED experience currently employing 26 people.  The company is based
in Unterschleißheim near Munich and has sales offices in Cologne and Weyhe
close to Bremen.  It is active in Germany, Austria, Switzerland and Poland.
As both manufacturer and full-service provider, SchahlLED plans lighting
concepts and supplies intelligent LED lighting systems. With an extensive
network of sales and service partners, SchahlLED completes more than one
hundred projects annually. SchahlLED and Thorlux have worked together since
2019 distributing SmartScan products primarily into the German market.  For
more information visit www.schahlled.de

 

During the last financial year ending 31 December 2021, SchahlLED achieved
revenues of €15.9m with EBITDA of €2.8m.  Net assets as at 31 December
2021 were €3.5m.

 

The addition of SchahlLED will further strengthen the Group's presence in
Europe and provide opportunities for the Group to grow SmartScan revenues into
Germany and other selected European territories.

 

Chairman, Mike Allcock commented:

 

"I would like to welcome the SchahlLED team to the Group.  We aim to build
upon our successful partnership, distributing our market leading SmartScan
products into Germany and surrounding areas and continuing to grow our
presence across Europe.

 

We are looking forward to the opportunity to generate further value for our
shareholders by building on the success of this partnership for years to
come."

 

 

For further information please contact:

 

F W Thorpe Plc

Mike Allcock - Chairman, Joint Chief Executive
                          Tel:  01527 583200

Craig Muncaster - Joint Chief Executive, Financial Director
                Tel:  01527 583200

 

Singer Capital Markets - Nominated Adviser

Steve Pearce  / James Moat
 
            Tel:  020 7496 3000

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