Opus Inspection completes acquisition of Envirotest
|Contact: Lothar Geilen
Phone: (954) 667-7740
Fax: (860) 392-2105
|FOR IMMEDIATE RELEASE8:00 a.m. EST, March 3, 2014|
On February 28, 2014, Opus Inspection, Inc. completed its acquisition of Envirotest Systems Holdings Corp., renamed to Envirotest Corp., a leading vehicle inspection services and technology company in North America. The purchase price is approximately USD 90 million. The combined company becomes the vehicle inspection market leader in the United States.
- The purchase price is USD 89.9 million on a debt free basis and after consideration for cash.
- Envirotest Corp. will continue to operate with the current management team in place.
- Envirotest Corp. operates long-term vehicle inspection programs in the states of Colorado, Maryland, Indiana, Ohio, and Tennessee in the United States, and in British Columbia in Canada.
- As a result of the merger, Opus Inspection will become the leader in the U.S. vehicle inspection market.
- In 2013, Envirotest had a turnover of approximately USD 82 million.
Envirotest Corp., headquartered in Windsor, Connecticut, USA, is a market leader in the centralized vehicle inspection business in the United States. Program management and operations are conducted in North America, and Remote Sensing Technology (RSD) services are offered globally. Envirotest has exclusive rights to certain RSD patented technology and has developed its own proprietary vehicle inspection database systems (VIDs). Envirotest has 1,060 employees. The acquisition includes approximately 60 real properties owned by Envirotest.
Opus Inspection, headquartered in East Granby, Connecticut, is a market leader in the United States in the decentralized vehicle inspection business. Program management, data management operations, and equipment sales are conducted in seventeen states, plus Mexico, Peru, and Sweden.
“Envirotest is a company with a great reputation, strong customer relationships, good profitability, and long-term centralized vehicle inspection contracts” said Lothar Geilen, President and CEO of Opus Inspection. “Our combined portfolio covers all aspects of vehicle inspection including, centralized programs, decentralized program management, equipment and software design, engineering, manufacturing and service, Remote Sensing, and much more. Together, we can offer our customers any vehicle inspection solution to meet their needs.” Geilen continued.
“Envirotest assets and capabilities will be strong compliments to Opus Inspection and will strengthen our combined position as the leader in the vehicle inspection marketplace” added Mark San Fratello, President of Envirotest. “This merger will provide significant benefits to Envirotest customers and employees.” he added.
The merger will combine the strengths offered by both Opus Inspection and Envirotest, add valuable human resources and infrastructure, and provide a clear path for new business and future growth both domestically as well as in the global vehicle inspection market. For more information about Envirotest please visit www.etest.com; and for Opus Inspection, please visit www.opusinspection.com.
Opus Inspection is part of Opus Group and provides turnkey vehicle inspection program management contract services to various levels of government agencies (federal, state and regional) and world-class products to individual inspection stations. Opus Group’s share is listed on Nasdaq OMX Stockholm under the ticker OPUS. (www.opusinspection.com)
Envirotest Systems Holdings Corp. – Established in 1974, Windsor, Connecticut based Envirotest Systems Corp. is the leader in centralized vehicle emissions testing equipment, services, and technology in North America. Envirotest provides Remote Sensing Device services throughout the world and operates six centralized and decentralized vehicle emissions testing programs in the U.S. and Canada under its Envirotest brand (www.etest.com).