Alimak Group, the vertical access solution company, acquires the leading global BMU (Building Maintenance Unit) provider Facade Access Group.
Australian based company, Facade Access Group, has a global market leading position in permanent Building Maintenance Units, BMU solutions, based on high safety standards and with a long lifecycle. The company addresses the market via two brands; CoxGomyl and Manntech. Through this acquisition Alimak Group strengthens and broadens the product portfolio, expands the existing footprint and business into a global adjacent niche market within vertical access while benefitting from a healthy underlying growth in the BMU-market.
“The complimentary combination of the two companies, especially when between the permanent installed solutions of Facade Access Group to Alimak’s Industrial Equipment, will enable scale and synergistic advantages in the supply chain, expand overall business opportunity, including further development of the aftersales offering. Hence, I see the acquisition as a strong strategic fit and I am convinced that it will generate value to our shareholders”,
says Tormod Gunleiksrud, CEO of Alimak Group.
The transaction is subject to customary regulatory approvals and expected to close before year end 2016. After closing the acquisition is expected to be immediately accretive to EPS and contribute positively to cash flow while the Group’s EBIT margin is expected to be diluted.
Alimak Group acquires Facade Access Group for an enterprise value of AUS$120 million (approximately $91 million). The acquisition is funded by expanding existing credit facilities. Upon completion Alimak Group will maintain a solid capital structure, with an expected leverage (net debt/EBITDA), of about 2.1x being well in line with the strategic target.
Alimak Group was advised by Lazard and Kirkland & Ellis. Due to effects on volume and earnings from the acquisition, Alimak Group will come back with an update of the financial targets at closing.