StrongPoint ASA and PYD Seguridad S.L. have signed an agreement today in which StrongPoint acquires 100 percent of the Spanish company.
The purchase price is EUR 451 480 and has been paid in full at the signing of the sales- and purchase agreement. The price is based on an expected annual profit of EUR 200 000 in 2017. StrongPoint assumes responsibility for all net interest bearing debt related to operations in PYD Seguridad S.L. at approximately EUR 500 000. In addition, the parties have agreed to an earn-out based on an average annual growth rate of 20 percent in 2017-2019.
StrongPoint and PYD Seguridad S.L. have known each other well through years of active cooperation. PYD Seguridad S.L. has been a reseller of StrongPoint's cash management solution, CashGuard, for over 10 years. The company will change its name to StrongPoint S.L.U. and will offer the entire StrongPoint product portfolio.
PYD Seguridad S.L. is an ambitious Spanish sales company established in 1999 with headquarters in Madrid. The company has 12 employees and an expected turnover of EUR 3.5 million in 2017. PYD Seguridad S.L. covers the whole of Spain through its own sales staff, service technicians and third-party representatives
PYD Seguridad S.L. has delivered and installed several hundred CashGuard systems in Spain, Portugal and Andorra. The company has played a crucial role in the successful deployment of almost 600 CashGuard systems to the Spanish retail chain Alimerka in 2016.
The founder and principal owner of PYD Seguridad S.L., Javier Aguilera, will continue as CEO and will join the StrongPoint EMEA team.
"StrongPoint ASA already has a leading market position in Norway, Sweden and the Baltics. This transaction strengthens our international profile and gives us direct access to one of Europe's most exciting retail markets," says Jørgen Waaler, StrongPoint ASA CEO.
"The overall goal with this acquisition is to invest and build StrongPoint Spain based on the same model as in Norway, Sweden and the Baltics."
For further information, please contact Jørgen Waaler, CEO StrongPoint ASA, phone: +47 9059 0010
About StrongPoint
StrongPoint's mission: Driving Retailers' productivity by providing innovative integrated Technology Solutions enabling store owners to perform to their full potential.
StrongPoint is headquartered in Rælingen, Norway, and has approximately 600 employees in Norway, Sweden, Baltics, France, Germany, Belgium, Spain Russia and Malaysia. The company is listed on the Oslo Stock Exchange.
For further information: www.strongpoint.com
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
