Carmanah Technologies Corporation acquires Sabik Group of Companies
Carmanah Technologies Corporation has announced the completion of its acquisition of the Sabik Group of Companies.
Under the terms of the agreement, Carmanah has acquired the following:
- 100 % of Sabik OY based in Finland,
- 100 % of Sabik GmbH based in Germany,
- 100 % of Sabik PTE Ltd. based in Singapore,
- 81 % of Sabik Ltd. based in the United Kingdom, and
- 80 % of Sabik Offshore Ltd. based in the United Kingdom.
The purchase price of €21.5 million (US$23.7 million) was paid by way of €17.2 million (US$19 million) in cash and €4.3 million (US$4.7 million) in Carmanah shares.
As part of the transaction, Carmanah borrowed US$10 million from CIBC pursuant to the credit facilities announced on January 12th, 2015.
John Simmons, Carmanah's CEO, has commented on the acquisition:
"The acquisition of the Sabik Group of Companies is an important step towards our goal of being the worldwide leader in the marine aids to navigation industry. The acquisition also catapults Carmanah into a new market - the safety marking of offshore wind installations - which is a fast growing market."
The company had previously announced a deal to acquire Sabik on June 10th, 2015 after the signing of a share purchase agreement.
Carmanah specializes in solutions for marine navigation, airfield ground lighting, aviation obstruction, roadway illumination, parking lot lighting, and on and off-grid power generation. The company's technology has been successfully deployed in over 400,000 sites in 110 countries.
