Concentric AB announces acquisition of GO Engineering
REDDITCH,
Summary of the Acquisition
- Enhances Concentric's electronics engineering capabilities.
- Concentric will acquire GO Engineering for an enterprise value of MSEK 266 (MEUR 23.5), under a locked box mechanism per
December 31, 2023 . The enterprise value corresponds to a multiple of 9.8x LTMJune 2024 adjusted EBITDA for GO Engineering. - Concentric will finance the Acquisition using cash reserves and existing debt facilities.
- GO Engineering generated revenues of MSEK 332 (MEUR 29.3) and adjusted EBITDA of MSEK 27 (MEUR 2.4) for the rolling 12-month period that ended on
June 30, 2024 . - Both parties seek to complete the Acquisition on
October 1, 2024 , subject to any closing conditions being met.
Concentric is delighted to announce the acquisition of GO Engineering, a renowned German company specializing in high-quality electronics design and manufacturing. This acquisition aligns with Concentric's growth strategy and enhances its electronics engineering capabilities.
Founded in 1990 and based in Bühl,
The acquisition is anticipated to positively impact Concentric's performance by boosting our electric sales and achieving medium-term cost efficiencies through in-house controller design and manufacturing. This will enhance our ability to respond to customer needs and leverage a unified electronic platform across our various brands and global operations.
"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."
"We are excited to join forces with Concentric, a company that shares our dedication to innovation, quality, and sustainability. We believe Concentric's global reach, resources and strong customer relations will provide a robust foundation for GO Engineering's continued growth and success."
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