Bufab Group: Bufab has acquired Thunderbolts Group Limited
Värnamo, May 24, 2017
Bufab has acquired Thunderbolts Group Limited
Bufab, through its subsidiary Montrose Holdings Ltd, today signed an agreement to acquire 100 percent of the shares in the privately-owned company Thunderbolts Group Limited, in Southampton in the United Kingdom. The acquisition will be completed with immediate effect, and will be reported in Bufab's segment International.
Thunderbolts was founded in 1991 and has through steady growth developed into a significant supplier to the construction, manufacturing, marine and healthcare industries in the south of England. The company had net sales in 2016 of GBP 2.9 million, good profitability and 19 employees. Thunderbolts is expected to contribute marginally to Bufab's earnings per share from the third quarter of 2017.
"Thunderbolts is recognized as a stable and respected provider of fasteners and other C parts in the region around Southampton, and it will be an excellent complement to Montrose and to our other operations in the UK", says Jörgen Rosengren, Bufab's CEO. "We are therefore happy to welcome the Thunderbolts team as a new sister company in the Bufab Group".
" Montrose has a strong brand name in the UK market, and Bufab is a recognized international leader in our industry", says Theresa Wittcomb and Langdon Lloyd Thunderbolts' Directors and Owners. We look forward to continue growing our business with the entire Thunderbolts team together with our new colleagues".
Bufab expects to book acquisition related costs amounting to approximately SEK 5 million in the second quarter of 2017. These are attributable both to the acquisition of Thunderbolts and, due to the positive performance of acquired companies in previous years, to revaluation of conditional purchase considerations.
For further information, please contact:
Jörgen Rosengren, President and CEO, Bufab Group, telephone: +46 370 69 69 01
Thomas Ekström, CFO and IR Director, Bufab Group, telephone: +46 370 69 94 01
Bufab AB (publ), Corporate Registration Number 556685-6240, is a trading company that offers its customers a full-service solution as Supply Chain Partner for sourcing, quality control and logistics for C-Parts (screws, nuts, etc.). Bufab's Global Parts ProductivityTM customer offering aims to improve productivity in the customers' value chain for C-Parts.
Bufab was founded in 1977 in Småland and is an international company with operations in 24 countries. The head office is located in Värnamo, Sweden, and Bufab has about 1 000 employees. Bufab's net sales for the past 12 months amounted to SEK 2.9 billion and the operating margin was 10 percent. The Bufab share is listed on Nasdaq Stockholm, under the ticker "BUFAB". Please visit www.bufab.com for more information.