TTS Group ASA sells its subsidiary TTS Liftec Oy to Novatech ApS
TTS Group ASA has today, through its 100% owned subsidiary TTS Marine AB, entered into an agreement for sale of its subsidiary TTS Liftec Oy in Finland, to Novatech ApS in Denmark. Agreed value of the transaction is a gross base price of MEUR 5.8 including net cash, payable at closing, and an earn-out over the next three years if specific targets are met. The transaction is expected to be completed within mid February 2017, the company said in its press release.
In accordance with the company's bank loan agreements 50% of the proceeds from the sale of TTS Liftec Oy will be applied as downpayment on existing term loans.
TTS Liftec Oy designs and delivers horizontal transportation systems for heavy cargo units globally, along with services, spare parts, customer support and after sales activities with life cycle perspective. Revenues in 2016 was MEUR 12, with an EBITDA of MEUR 0.9.
TTS Liftec Oy was established in 1991 and is located in Pirkkala, Finland. The company has been a part of TTS Group since 2004. The number of employees is approximately 30.
Novatech ApS was founded in 1996 and are specialists in designing and manufacturing custom made heavy moving transportation for the shipping industry, and also supply products within the agricultural sector. Novatech ApS has its activities in Denmark and Poland and employ around 250 people.