Opus Group has signed a binding agreement to sell 100% of Opus Equipment to MECA Scandinavia , a subsidiary of Mekonomen Group.
The sale streamlines Opus Group's operations focusing on being a leading global vehicle inspection company.
The operations of Opus Equipment has its roots in the equipment operations founded in 1990 and has over the last eight years expanded through the acquisition of four smaller businesses: the product company EWJ, the maintenance and calibration operations of J & B Maskinteknik and Alfa Maskinteknik and the trade operations of Opus Bima. Opus Equipment and its subsidiary, J & B Maskinteknik are active in the development, production, sale and service of vehicle inspection equipment for automotive workshops and vehicle inspection companies.
Opus Equipment is a wholly owned independent subsidiary of Opus Group AB, with sales of about SEK 135 million (2014) and EBITDA of SEK 7.7 million (2014). Today, Opus Equipment has about 70 employees, mainly in Sweden and with some staff in the production plant in China. The majority of the company's sales are in Europe but with customers in over 50 countries.
The purchase price on a debt free basis amounts to SEK 51 million and is paid in cash. Through this transaction, Opus Equipment can continue to develop within MECA Scandinavia while continuing to supply test equipment and services to Opus Group. The current CEO of Opus Equipment, J?rgen Hentschel, with management, will remain with Opus Equipment after the transaction is completed.
"Opus Equipment is a successful company in the automotive equipment industry. I believe the business can continue to develop well within Mekonomen Group. Opus Group is a worldwide leading vehicle inspection company with a strong focus on customer service and innovative technology. This sale strengthens our focus on vehicle inspection. The resulting cash will be used for the company's continued expansion both organically and through acquisitions", says Magnus Greko, CEO and President of Opus Group AB.
"The transaction feels partly sentimental since we sell operations that once were the foundation of Opus Group, which J?rgen Hentschel and I started in 1990. However, with the vast majority of our business stemming from vehicle inspection activities worldwide, it is a strategic decision that is good for all parties. I would like to thank the personnel of Opus Equipment for their strong effort during the past 25 years and I wish them best of luck under the new ownership", continues Magnus Greko, CEO and President of Opus Group.
The sale is expected to close on July 1, 2015 and will not affect Opus Group's earnings significantly; however, the operating margin is expected to improve.