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NOTE Acquires the Swedish Company Dynamic Precision Solutions AB
July 14, 2022 | NOTEEstimated reading time: 1 minute
NOTE expands its manufacturing capacity in Sweden through the acquisition of all shares in the Swedish electronics manufacturer Dynamic Precision Solutions AB in Herrljunga, Sweden. Through the acquisition, NOTE gets its fourth Swedish plant and an establishment close to customers in western Sweden. Dynamic Precision Solutions’ sales are estimated at SEK 140 million for the full year 2022 and with an operating margin in line with NOTE’s.
The company’s business model is similar to NOTE’s with a focus on long-term customer collaborations, high quality and strong delivery performance. The customers are mainly found in the segments Communication and Industrial. In the beginning of 2022, the plant in Herrljunga has shown high growth combined with strong profitability. The business has been run successfully under the leadership of Managing Director Anders Gustafsson, who remains in his role as Managing Director of the company. The number of employees in the business amounts to approximately 30.
The initial purchase price amounts to approximately SEK 20 million. The maximum purchase price, including profitability-based additional purchase prices, amounts to just over SEK 50 million. Based on a valuation on a debt-free basis, this corresponds to a multiple (EV/EBITDA) of approximately 5. Payment of the purchase price is made in cash based on NOTE’s strong balance sheet.
Seen over the past 12 months, the acquisition pro forma means a growth in both sales and operating profit of approximately 5%.
“We are pleased to complete this acquisition, which in addition to adding another profitable plant to the Group, is also expanding our manufacturing capacity in Sweden. In Sweden, which is NOTE’s largest market, we noted growth in Q1 for NOTE of 45%. Together with the customers, personnel and management in the plant in Herrljunga, we look forward to continuing the profitable growth journey”, says Johannes Lind-Widestam, CEO and President of NOTE.
“I have come to know NOTE as a professional and solution-oriented company that puts quality and delivery performance first. I see great benefits for us and our customers that we now become part of NOTE. We are in a strong growth phase and I look forward to continuing to develop the plant in Herrljunga together with the other operations in NOTE”, says Anders Gustafsson, Managing Director of Dynamic Precision Solutions AB.
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