Sunday 21 March 2021
ADDvise Group AB has acquired 100% of the shares of Dubai-headquartered MRC Systems FZE, which develops and manufactures cleanrooms for the pharmaceutical industry and hospitals.
MRC has its headquarters and production facility located in Dubai. The company employs around 110 people.
The initial purchase price amounts to USD 5 million. In addition to the initial purchase price, additional earn-outs of a maximum of USD 3 million in total can be paid out over a three-year period, given that the sellers achieve certain predetermined targets.
MRC's revenue for the financial year 2019/2020 amounts to USD 9.8 million with an EBITDA of USD 1.1 million. Proforma revenue 2020 for ADDvise including MRC will therefore amount to approximately SEK 439.6 million with an EBITDA of approximately SEK 55 million. The acquisition was financed with ADDvise's own funds.
The closing of the acquisition is expected to take place during the second quarter of 2021, subject to the conditions precedent to closing are met.
Mangold Fondkommission AB acted as financial adviser to ADDvise in the acquisition. DLA Piper Middle East LLP acted as legal adviser to ADDvise.