Opus Inspection Completes Acquisition of Drew Technologies
|Contact: Jim Sands
Phone: (860) 392-2174
Fax: (860) 392-2105
9:00 a.m. EDT, March 24, 2015
Opus Inspection, Inc. has completed the acquisition of Drew Technologies Inc., a leading manufacturer of vehicle communication and diagnostic equipment for the vehicle inspection and automotive service industry, which was announced on February 13, 2015.
Drew Tech will become a subsidiary of Opus Inspection. However, the company will continue to operate as a stand-alone legal entity with the current management in place. The purchase price is USD 30 million plus a contingent earn-out of 4.4 million. The acquisition includes a cash balance of approximately USD 0.4 million. Hence, the acquired underlying business, excluding cash, is valued at approximately USD 34 million on a debt free basis. The acquisition was completed on March 23, 2015.
Drew Tech, founded in 1996 and headquartered in Ann Arbor, Michigan, USA, has developed into a leading supplier of OBD equipment for vehicle communication and diagnostics systems for automobile manufacturers, workshops, automotive dealerships, and inspection stations worldwide. All product development, design, and final production takes place in Ann Arbor. The company is at the forefront with its latest OBD technology that is used to inspect vehicles for both emission and safety vehicle inspection.
The acquisition means that Opus Inspection controls leading OBD technology it intends to use in several markets. This technology is of great importance for the future global product and service offering of Opus Inspection, including in the U.S. vehicle inspection industry.
For more information about Drew Tech please visit www.drewtech.com/; and for Opus Inspection, please visit www.opusinspection.com.
Ellis & Winters LLP in the U.S and Vinge Advokatbyrå in Sweden act as legal advisers to Opus Group.
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 Stockholm under the ticker OPUS.