DiscoverIE sells its distribution activity Acal BFi
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Business | November 11, 2021
DiscoverIE Group plc, designer and manufacturer of custom electronics for the industry, will sell its Acal BFi, the Group’s electronic components distribution business.
The company has agreed to sell Acal BFi to H2 Equity Partners, for a total cash consideration of Â£ 50m, including an upfront payment of Â£ 45m, as well as Â£ 5m of deferred consideration. The Transaction is subject to certain consultation requirements and regulatory approvals, and is expected to be finalized during the current fiscal year. DiscoverIE says the proceeds will be used to reduce the group’s net debt and advance the design and manufacturing growth strategy. For the year ended March 31, 2021 (FY21), Acal BFi reported revenue of Â£ 148.7 million, profit before tax of Â£ 4.0 million and gross assets of Â£ 60.1 million from GBP. Acal BFi is a specialist distributor of electronic components, with operating companies in UK, Germany, France, Italy, Nordic region and Benelux and will continue under its existing management team, led by Paul Webster . Following the proposed divestment of Vertec SA announced last month, the divestment of Acal BFi concludes DiscoverIE’s exit from its Custom Supply distribution business and leaves the group fully focused on design and manufacturing, the main driver of financial performance of the group.