SYDNEY, AUSTRALIA: FOS Capital Ltd via its subsidiary FOS Lighting Pty Ltd has entered into a binding agreement to acquire 100% of the shares in Ecopoint Ltd a New Zealand based commercial lighting company.
Purchase price of NZ$1.87 million comprises of NZ$1.49 million in cash and NZ$380,000 in FOS shares. The transaction is expected to complete within 2 weeks.
Ecopoint based in Wellington New Zealand is an LED lighting specialist that was established in 2009.
The company has 11 employees and services the commercial lighting market with representation in Wellington, Aukland and the South Island.
Ecopoint has developed its own range of LED lighting products and goes to market by designing and specifying its products with electrical engineers, architects, and end user clients.
This acquisition creates a solid base for FOS to expand its New Zealand operations. “We believe we can rapidly grow the business using FOS’s extensive industry experience and the introduction of FOS’s 14 exclusive product ranges to the NZ market,” a statement said.
Ecopoint will also benefit from having access to the FOS Brisbane based manufacturing facility providing custom product with shorter lead times. FOS will also market the Ecopoint range in Australia via its extensive distribution network.
The acquisition of Ecopoint is the first since FOS’s ASX listing in June 2021 and delivers on the company’s stated growth by acquisition strategy.
“We look forward to working with the Ecopoint team to grow and expand the business whilst we seek out further acquisition opportunities in the sector”.