Acquisition
September 02 2005 - 4:15AM
UK Regulatory
RNS Number:7480Q
Waterline Group plc
02 September 2005
Waterline Group plc
('Waterline' or the 'Group')
Re: Acquisition
The Group wishes to re-release the announcement made at 18.06 hrs yesterday, RNS
7417Q. The full unamended text appears below.
Waterline Group plc
('Waterline' or the 'Group')
Acquisition
Acquisition of Coolectric Limited
The Board of Waterline Group plc is pleased to announce the acquisition of
Coolectric Limited ('Coolectric'), the sole UK importer of Liebherr home
kitchen appliances and commercial appliances. Liebherr manufactures high quality
domestic and commercial refrigeration and freezing products.
The directors believe that Coolectric will be an excellent strategic acquisition
for the Group and will provide it with new sales channels and a strong brand.
The products offered by Liebherr will compliment the Groups existing products
and strengthen the Group portfolio. The acquisition will also further improve
the Group's vertical integration adding importing to its manufacturing and
distributing competencies.
Coolectric is the sole UK importer and distributor of Liebherr branded domestic
and commercial refrigeration products manufactured by Liebherr.
The Group is acquiring the entire issued share capital of Coolectric for a
consideration of #880,000 (a ten per cent. premium to the net asset value of
Coolectric of #800,000), payable in cash, subject to adjustment in the event of
variances in the net asset value at completion.
Coolectric reported turnover of #9.5 million for the year to 31 December 2004
from which it made a pre tax profit of #222,716. Trading for the year to date
has been at a small pre tax loss. The Board of Waterline is confident that
Coolectric will benefit from the strengthened management to be provided by the
Group and that the implementation of their expertise to warehousing, logistics
and inventory management at Coolectric will allow improved profit margins to be
achieved.
Michael Lawrence, CEO of Waterline, commented:
'I am delighted to announce the acquisition of Coolectric and the exclusive
rights to distribute Liebherr in the UK as this further enhances our portfolio
of high quality brands and will provide us with opportunities for strong sales
growth in the future.'
Liebherr-Export AG, Switzerland added:
'Liebherr-Export AG, Switzerland, is delighted to announce that Waterline will
acquire our exclusive importer Coolectric in Great Britain for refrigerating
and cooling equipment manufactured by members of the Liebherr Group of
companies and bearing the trade mark 'Liebherr'.
Waterline enjoys an excellent reputation in the market and we are looking
forward to building a solid and successful business relationship.'
Contacts:
Waterline Group plc
Michael Lawrence, Chief Executive 01908 219759
Daniel Stewart & Co
Ruari McGirr 0207 776 6550
This information is provided by RNS
The company news service from the London Stock Exchange
END
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