Concentric Announces Acquisition of EMS Firm GO Engineering
BUHL, GERMANY -- Concentric AB has reached an agreement to acquire 100% of electronics design and manufacturer G.O. Engineering and its subsidiary ÖkoGW Verwaltungs in a deal valued at EUR 23.5 million.
The deal is set to close October 1, subject to closing conditions.
Concentric will finance the acquisition, which corresponds to a multiple of 9.8 times GO Engineering's adjusted EBITDA, using cash reserves and existing debt facilities.
GO Engineering had revenues of EUR 29.3 million and adjusted EBITDA of EUR 2.4 million for the 12-month period ended June 30.
Concentric said in a press release the acquisition aligns with its growth strategy and enhances its electronics engineering capabilities, particularly in software and hardware development.
Founded in 1990, Bühl-based GO Engineering specializes in commercial vehicles and industrial applications. Additionally, it will integrate printed circuit board assembly (PCBA) manufacturing into the Concentric Group.
Helmut Gerstner and Ralf Wörner, the current owners of GO Engineering, will remain involved in the business to through the transition, with Wörner remaining on an ongoing basis. The company's more than 120 employees will also join Concentric.
Martin Kunz, president and CEO, Concentric, said, “The integration of GO Engineering into Concentric will accelerate our electrification strategy and strengthen our position in both current and future markets for electric liquid cooling and thermal management products. After evaluating numerous potential partners in the electric motor and controller space, GO Engineering stood out for its innovative electric motor controllers. Additionally, their strong customer relationships and commitment to sustainability create synergies as we expand our product portfolio and enhance our in-house capabilities.”
