Bufab, through its subsidiary Montrose Holdings Ltd, has signed an agreement to acquire 100% percent of the shares in the privately-owned company Thunderbolts Group Limited, in Southampton, UK. The acquisition will be completed with immediate effect, and will be reported in Bufab's segment International.
The move comes within six months of Bufab's acquisition of fellow UK fastener supplier Montrose.
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 £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 recognised 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 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 recognised international leader in our industry," said 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.
