Lagercrantz Group acquires Idesco OY
Lagercrantz Group has today acquired over 90% of the shares in the Finnish company Idesco OY.
Idesco develops and sells products based on RFID technology (Radio Frequency IDentification). The company is the market leader in Finland within access control products for high-security, industrial and commercial properties and is also active in areas such as industrial identification solutions. Idesco has its headquarters in Oulu, Finland and has sales companies in Sweden and the UK. Idesco recorded sales in 2011 of EUR 5.6m with an operating profit margin, before goodwill depreciations, (EBITA) of 13%.
Jörgen Wigh, President and CEO of Lagercrantz Group, commented: "Idesco will become an important addition to our Electronics division. Idesco has a strong domestic market position and we aim to further expand geographically and into the application fields outside access control. Idesco will, above all, cooperate geographically with Lagercrantz other units in Northern Europe."
Jari Valtonen, Managing Director of Idesco: "With Lagercrantz as owner, we gain a financially strong and long-term owner that gives us the opportunity to independently develop the company further by broadening us in the Nordics and increase exports of its products in northern Europe."
Seller is the Finnish private equity company Sentica Partners Oy. The management of Idesco retains ownership to nearly 10% of the shares.
Idesco will be part of Lagercrantz Division Electronics. The acquisition is expected to provide a small positive contribution to earnings per share.
Stockholm, 20 March 2012
Lagercrantz Group AB (publ)