The Gunnebo Group has today signed the acquisition of the Czech company, Cominfo a.s. The acquisition is in line with the Group’s profitable growth strategy and will further strengthen the market position for its Business Unit Entrance Control. In conjunction with the acquisition, Gunnebo announces the intention to carry out a fully underwritten rights issue during the third quarter of 2019.
Gunnebo Enters into an Agreement to Acquire Cominfo
Cominfo is a Czech-based company offering solutions within entrance control and access systems, where software is an integral part of the offering. The company has global coverage even though Europe is its main market. Cominfo’s products and solutions are recognised for high quality, advanced technology and attractive design.
“Cominfo is a well-run business that has demonstrated stable profitable growth in recent years,” comments Gunnebo’s President & CEO Henrik Lange. “It is a good strategic fit for our Entrance Control business since it will extend both our geographical footprint and product offering. In addition, there are synergies within production and R&D.”
Cominfo is based in Zlin in the south-east part of the Czech Republic and has some 160 employees. Cominfo has an annual turnover of approximately MSEK 140 and an EBITA margin in line with the one for Business Unit Entrance Control. The acquisition will, on an annual basis, add approximately 13% of sales to Business Unit Entrance Control and 3% to the total Group sales.
The purchase price for the acquisition is MSEK 240 on a cash and debt-free basis and will be financed by existing credit facilities. The acquisition is expected to be completed within the next couple of weeks and is not subject to any regulatory approvals.
“With the business structured by product offering in Business Units, Gunnebo is now well positioned to capture growth in the market. Entrance Control is our most profitable Business Unit and I am pleased to see that the acquisition of Cominfo also results in a higher overall Group EBITA margin,” comments Henrik Lange.
Gunnebo Announces a Fully Underwritten Rights Issue
Gunnebo intends to carry out a rights issue of approximately MSEK 360 before issue costs. The rights issue is subject to approval by an extraordinary general meeting expected to be held in August 2019 and is intended to be completed during the third quarter of 2019. The intention is to present the detailed terms and conditions for the rights issue ahead of an extraordinary general meeting.
“With this rights issue, we will be able to strengthen the balance sheet after the acquisition of Cominfo and allow for continued support for Gunnebo’s growth agenda,” comments Henrik Lange.
Subscription and guarantee undertakings
The three largest shareholders in Gunnebo, Stena Adactum AB (holding 25.9%), Vätterledens Invest AB (holding 17.7%) and If Skadeförsäkring AB (holding 10.6%), together holding 54.2% of the total number of shares* in Gunnebo, have undertaken to subscribe for their pro rata shares of the rights issue. Furthermore, Stena Adactum AB and Vätterledens Invest AB have undertaken to underwrite the remaining part of the rights issue.
*Excluding 602,267 shares of series C held by Gunnebo AB.
GUNNEBO AB (publ)
For more information, please contact:
Henrik Lange, President & CEO Gunnebo AB, tel. +46 10 2095 026, or
Karin Wallström Nordén, SVP Marketing & Communications, tel. +46 708 283339
This information is information that Gunnebo AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 11.01 CET on June 20, 2019.