LONDON, UK: XP Power it has acquired FuG Elektronik GmbH and Guth High Voltage GmbH, two complementary German businesses, from Dr Simon Consulting GmbH for a cash consideration of €39 million.
FuG and Guth’s product portfolio is highly complementary to XP Power’s existing high voltage offering, bringing new technology and technical capability to the Group and accelerating its strategy in this fast growing market.
The acquisition was funded using the Group’s existing debt facilities and is subject to customary post-completion working capital adjustments.
XP Power designs and manufactures power convertors, the essential hardware component in every piece of electrical equipment that converts power from the electricity grid into the right form for equipment to function.
XP Power has invested in research and development and its own manufacturing facilities in China, Vietnam and North America, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.
Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP Power is a constituent of the FTSE 250 Index. XP Power serves a global blue-chip customer base from 29 locations in Europe, North America, and Asia.
Gavin Griggs, CEO of XP Power, said: “FuG and Guth are businesses we know and admire and are an excellent fit with our existing operations, adding wholly new and highly complementary technical capabilities to our high voltage product portfolio. The Acquisition accelerates our high voltage growth strategy and expands our presence in Germany, the largest market for power solutions in Europe.
“We look forward to welcoming our new colleagues to the Group and are confident FuG and Guth will have a successful future as part of XP Power.”
FuG and Guth anticipate revenue of circa €18m and adjusted EBITDA of circa €4.5m for the year ended 31 December 2021.
