SYDNEY, AUSTRALIA: GUD Holdings has entered into an agreement to acquire Rindab AB (RVX) and its subsidiary Vision X Europe AB from the company’s Swedish owners. The RVX leadership team is to remain in place and the acquired business is to become part of the BWI group.
RVX will complement BWI’s business with established sales and distribution facilities in Sweden with reach across Scandinavia and other Northern European countries (including Germany and Poland).
Its customers include Original Equipment Manufacturers like Volvo and Scania and their respective networks of truck and car dealerships.
While RVX predominantly sells light bars, the product suite extends to truck and bus camera and digital mirror systems, and accessories aimed at pickups and all-terrain vehicles. In addition, RVX’s customer base includes original equipment and aftermarket sellers.
Mr George Davies, Group Chief Executive of BWI said: “Rindab AB has the market expertise to drive the distribution of Vision X lighting and other products through its network of original equipment and aftermarket customers and to enter new European markets, giving BWI a footprint into one of the stronger and larger lighting management markets globally’
The transaction is expected to complete on 1 November 2023 with a completion payment of SEK83.6 million (c.A$12m), subject to customary cash and working capital adjustments. Including subsequent earn out payments up to a maximum of SEK15 million over 2 years subject to achievement of EBITA milestones, the total potential consideration is SEK98.6 million (c.A$14m). The acquisition will be funded from GUD debt facilities.
GUD’s Managing Director and Chief Executive Officer, Graeme Whickman said: The acquisition of this highly complementary business is consistent with GUD’s strategy of diversifying into new markets, and further strengthens one of GUD’s key strategic imperatives to build a global specialist leadership position in automotive lighting.’