Opus Group AB (Opus) has signed a share purchase agreement and closed the acquisition of Autologic Diagnostics (Holdings) Ltd. 100 percent ownership of Autologic Diagnostics Ltd. (Autologic) was purchased for GBP 9.3 million.
After the acquisition the company will continue to operate as a stand-alone legal entity. Autologic is a world leader in advanced aftermarket automotive diagnostics. In 2016, Autologic had revenues of approximately GBP 16.5 million with EBITDA (adjusted for non-recurring items) of GBP 2.6 million. The transaction, at GBP 8 million (approximately 10 million USD) is financed through existing cash of Opus.
Autologic will be consolidated effective June 16. Due to restructuring costs, Autologic´s contribution to Opus´ net profit in 2017 is expected to be negligible.
“We are excited about the acquisition of Autologic due to its status as a world leader in advanced automotive diagnostics," said Lothar Geilen, CEO of Opus. "We see a great fit between our existing subsidiary, Drew Technologies (Drew Tech), and Autologic, such as Autologic’s leading diagnostic products and services and its call center of expert automotive mechanics providing automotive diagnostic assistance throughout Europe, the U.S. and Australia.
"Autologic’s presence in Europe and Australia will help Drew Tech expand its offerings well beyond the U.S. market, while Drew Technologies helps to round-out and fortify Autologic´s offerings in their established markets.I want to express every warm welcome to the over 130 employees at Autologic. We are looking forward to having the Autologic employees become a part of the Opus family," Gelien said.
Autologic, founded in 1999 and headquartered in Oxford, Great Britain, with subsidiaries in the U.S., Germany and Australia, has developed into a world leader in advanced aftermarket automotive diagnostics. The company provides market leading software, hardware and professional support services enabling the global automotive aftermarket to diagnose and fix passenger vehicles.The combined entities will serve an existing customer base of nearly 40,000 automotive repair shops by providing market leading vehicle diagnostics and vehicle communication offerings to address the trend of increased vehicle computerization.
