Press Release
04-02-2008: Acquisition of Italian distributor Deck Marine
Raymarine plc (“Raymarine”), a global leader in the supply of electronic products to the leisure marine market, today announces the acquisition of Deck Marine S.p.A. (“Deck Marine”) the sole distributor of Raymarine products in Italy, for a consideration up to a maximum of €25.0 million (£18.8 million) (the “Transaction”). The whole of the consideration is payable in cash using Raymarine’s existing facilities.
Deck Marine was founded in 1976, employs 15 staff and is headquartered in Milan. Alberto Monfrini, Managing Director of Deck Marine will remain with the company.
In addition to the Raymarine products Deck Marine distributes a small number of products manufactured by third party suppliers. Apart from one product line, it is intended to continue the distribution of all of these.
Deck Marine's profits before tax for the twelve months ended 31 December 2006 were €5.0 million (£3.8 million) and had gross assets of €10.7 million (£8 million).
The acquisition is expected to be earnings enhancing immediately.
Commenting on the acquisition, Malcolm Miller, Chief Executive of Raymarine, said:
“I am delighted that Raymarine has reached agreement to acquire Deck Marine, the fourth distributorship we have acquired within the last 12 months. In Deck Marine we know we are gaining another strong team of people with excellent trading relationships and a leading market share in one of Raymarine’s key markets. As indicated in the announcement dated 12 December 2007 we hope to acquire further Raymarine distributorships in the future.”
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For further information:
Raymarine plc Tel: 023 9269 3611
Malcolm Miller, Chief Executive
Tony Osbaldiston, Finance Director
Hogarth Partnership Limited Tel: 020 7357 9477
Chris Matthews
Andrew Jaques
Ian Payne