Opus Inspection completes acquisition of Drew Technologies
Opus Inspection, Inc. has completed the acquisition of Drew Technologies Inc. (Drew Tech), a leading manufacturer of vehicle communication and diagnostic equipment for the vehicle inspection and automotive service industry, which was announced on February 13, 2015.
Drew Tech will become a subsidiary of Opus Inspection. However, the company will continue to operate as a stand-alone legal entity with the current management in place. The purchase price is USD 30 million (approximately SEK 255 million) plus a contingent earn-out of 4.4 million (approximately SEK 37 million). The acquisition includes a cash balance of approximately USD 0.4 million (approximately SEK 3 million). Hence, the acquired underlying business, excluding cash, is valued at approximately USD 34 million (approximately SEK 289 million) on a debt free basis. The acquisition was completed on March 23, 2015.
Drew Tech, founded in 1996 and headquartered in Ann Arbor, Michigan, USA, has developed into a leading supplier of OBD equipment for vehicle communication and diagnostics systems for automobile manufacturers, workshops, automotive dealerships, and inspection stations worldwide. All product development, design, and final production takes place in Ann Arbor. The company is at the forefront with its latest OBD technology that is used to inspect vehicles for both emission and safety vehicle inspection.
The acquisition means that Opus Inspection controls leading OBD technology it intends to use in several markets. This technology is of great importance for the future global product and service offering of Opus Inspection, including in the U.S. vehicle inspection industry.
For more information about Drew Tech please visit www.drewtech.com/; and for Opus Inspection, please visit www.opusinspection.com.
Vinge Advokatbyrå in Sweden and Ellis & Winters LLP in the U.S. act as legal advisers to Opus Group.
Mölndal, March 24, 2015
Opus Group AB (publ)
This press info is available in Swedish at www.opus.se
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President and CEO
Phone: 46 31 748 34 00
Phone: 46 765 25 84 93