Image Systems AB has concluded an agreement to acquire 100 percent of the shares outstanding of the Finnish company Limab Oy.
Limab Oy, with offices in St Michel and Helsingfors, is active in contactless measurement technology with applications in the sawmill industry, thereby complementing business area RemaSawco with products as well as market shares, especially in Finland, the Baltic States and Russia.
Limab Oy has 22 employees with revenue in the financial year 1 March 2017 – 28 February 2018 of approximately MSEK 56 and profit after taxes of almost MSEK 15. The company is acquired on a debt-free basis MEUR 6.1 (approximately MSEK 62.8). The initial purchase money amounts to MEUR 4.0 (approximately MSEK 41.2).
Additional purchase money will be paid over a period of two years on the condition that Limab Oy’s current shareholders remain employees of the company. The acquisition will be financed by a bank loan in the amount of MSEK 41.2 and a seller’s promissory note in the amount of MSEK 21.6. The debt financing may at a later date be refinanced in the form of a new issue of shares. The transaction is expected to have a positive effect on Image System’s earnings per share in the current year and going forward.
The transaction is expected to close on 8 June 2018.
”We are very happy to integrate ourselves with Image Systems and its subsidiary RemaSawco, a leading company in our industry, with which we share the vision of leading the development of the Digital Sawmill”, says Juho Virta, the majority shareholder and development chief of Limab Oy.
”Our strategic plan for growth includes acquisitions as well as organic growth in the form of new products. The acquisition of Limab serves both of these purposes as we will acquire market shares as well as complement our own product offerings with new products that are a good fit with our ambition to lead the development of the Digital Sawmill of the future, says Johan Friberg, President and Chief Executive Officer of Image Systems.
After the acquisition Limab Oy will change its corporate name to RemaSawco Oy.
Questions will be answered by: Johan Friberg, President, telephone +46-13-200 100, e-mail email@example.com
The information in this press release is such that Image Systems AB is obliged to publish in accordance with EU’s Market Abuse Regulation. The information herein was provided for publication at 8:30 noon (CET), 1 June 2018 by the aforementioned contact person.
Photo: Juho Virta, Sales Director Limab Oy