STOCKHOLM -- Note has acquired all shares in UK-based iPro Holdings, a box-build manufacturer of electronics-based products for greentech, medtech and industrial uses.

Note will pay GBP 7 million ($9.92 million) upfront in cash for iPro, a sum that could rise based on future performance. The price corresponds to an acquisition multiple of approximately 3.5 EBIT. Haddenham, Buckinghamshire, UK-based iPro has revenue of SEK 320 million ($38.7 million), employs 100 staff, and had an operating margin in line with Note's during the past 12 months. 

Owner Martin Deas will continue as managing director.

In a press release, Note said the respective companies have similar business models based on long-term customer collaborations, high quality and strong delivery performance.

iPro is in a strong growth phase with several ongoing projects in the electric vehicle (EV) and e-mobility markets. The deal strengthens Note's growing position in greentech. The growth and profitability of iPro is developing positively, as consequence of the high demand for charging products for electric vehicles, Note said.

The acquisition represents pro forma growth over the past 12 months of approximately 17% and an increase in operating profit (EBITA) of around 16%. Together with the geographically nearby plants in Windsor and Stonehouse, Note's sales in UK amounted to just over SEK 500 million ($60.5 million) pro forma for the past 12 months.

“The size of the British EMS market is approximately at the same level as the entire Nordic market," says Johannes Lind-Widestam, CEO and president, Note. "We are very pleased to complete this acquisition, which significantly strengthens our position in the UK. The growth in iPro is strong and the company has many exciting customers and new projects. We are already seeing a significant recovery in demand in the UK market as well and look forward to further develop the operations of iPRO together with current customers, staff and management."

“For some time now, I have come to know Note as a company that shares our core values of high quality and where customers are at the centre of operations. iPro is currently in a strong growth phase and I believe that in preparing the business for the future, iPro will be significantly better positioned as part of a larger group of companies. I look forward to working with other Note units, both in Europe and in China, and to benefiting from synergies particularly in areas such as global sourcing. I believe Note is an ideal owner for both our staff and our customers and I am excited by the opportunities to both broaden and strengthen our customer offering in the UK market”, says Martin Deas, managing director, iPro.

• Prev
• Next