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 ).
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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 was 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
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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 .
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CONTROL B Y MEASUREME N T |
Juho Virta , Sales Director Limab Oy
Johan Friberg , President and Chief Executive Officer of Image Systems
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