Monday 04 February 2008 ~ Raymarine plc (“Raymarine”), a global leader in the supply of electronic products to the leisure marine market, today announces the acquisition of DeckMarine S.p.A. (“DeckMarine”) 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.
DeckMarine was founded in 1976, employs 15 staff and is headquartered in Milan. Alberto Monfrini, Managing Director of DeckMarine will remain with the company.
In addition to the Raymarine products DeckMarine 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.
DeckMarine'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 DeckMarine, the fourth distributorship we have acquired within the last 12 months. In DeckMarine 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.”
For further information:
Raymarine plc
Malcolm Miller, Chief Executive
Tony Osbaldiston, Finance Director
Tel: 023 9269 3611
Hogarth Partnership Limited
Chris Matthews
Andrew Jaques
Ian Payne
Tel: 020 7357 9477
