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Note Acquires iPro in UK, Extends Greentech Thrust

STOCKHOLM – Note in June acquired all shares in UK-based iPro Holdings, a box-build manufacturer of electronics-based products for greentech, medtech and industrial uses.

Note will pay GBP 7 million ($9.92 million) upfront in cash for iPro, a sum that could rise based on future performance. The price corresponds to an acquisition multiple of approximately 3.5 EBIT. Haddenham, Buckinghamshire, UK-based iPro has revenue of SEK 320 million ($38.7 million), employs 100 staff, and had an operating margin in line with Note’s during the past 12 months.

Owner Martin Deas will continue as managing director.

In a press release, Note said the respective companies have similar business models based on long-term customer collaborations, high quality and strong delivery performance.

iPro is in a strong growth phase with several ongoing projects in the electric vehicle (EV) and e-mobility markets. The deal strengthens Note’s growing position in greentech. The growth and profitability of iPro is developing positively, as a consequence of the high demand for charging products for electric vehicles, Note said.

The acquisition represents pro forma growth over the past 12 months of approximately 17% and an increase in operating profit (EBITA) of around 16%. Together with nearby plants in Windsor and Stonehouse, Note’s sales in the UK amounted to just over SEK 500 million ($60.5 million) pro forma for the past 12 months.

“The size of the British EMS market is approximately at the same level as the entire Nordic market,” says Johannes Lind-Widestam, CEO and president, Note. “We are very pleased to complete this acquisition, which significantly strengthens our position in the UK. The growth in iPro is strong, and the company has many exciting customers and new projects. We are already seeing a significant recovery in demand in the UK market as well and look forward to further develop the operations of iPRO together with current customers, staff and management.” (MB)