DiscoverIE have completed the sale of Acal BFi to H2 Equity Partners which began in November 2021.
DiscoverIE is a multinational firm that develops and manufactures cutting-edge electronics for industrial use.
DiscoverIE Group plc (LON:DSCV), a leading international designer and manufacturer of customised electronics for industrial applications, today announces that the sale of the Acal BFi distribution business has now completed. Acal BFi is a european expert electronic parts distributor with branches in the UK, Germany, France, Italy, Scandinavian region, and even the Benelux.
On November 9, 2021, the sale of Acal BFi for £50m to H2 Equity Partners was announced. H2 required regulatory approvals prior to the completion of the sale, which have now been received. The total cash consideration of £50m was established on a debt-free cash-free basis and comprised of a £45m upfront payment, followed by £5m deferred payment.
On an earlier date, Nick Jefferies, Group Chief Executive Officer, DiscoverIE said, “We are pleased to have found a new home for Acal BFi so that it can continue to grow under the existing management team, who have served discoverIE well over many years. We wish them and the whole Acal BFi workforce every success under their new ownership.”
Vertec SA sale came to fruition in January, 2022 followed by the sale of Acal BFi. The sale of both these businesses concludes the exit from the custom supply distribution business for DiscoverIE.
The profits from the sale will be used to lower the group’s net debt and advance the design and manufacturing growth strategy which is the main contributor to DiscoverIE’s financial health.
“The group has developed significantly in recent years, with a substantial and higher growth design and manufacturing business becoming the core of operations. The sale of Acal BFi concludes the Group’s exit from the business of distribution, with discoverIE becoming solely a global designer and manufacturer of customised electronics with higher operating margins, and provides additional resources to invest further in our growth,” commented Jefferies.
On Friday morning, the group’s shares were trading down 1.7% to 806p.
