KARLSTAD, SWEDEN – Swedish EMS provider Inission has expanded its presence in southern Norway with the acquisition of AXXE.

The companies signed an agreement for the sale on Jan. 17, and the deal will close on Jan. 31. According to the agreement, the price for 50.1% of the shares in AXXE amounts to NOK27 million ($2.6 million) corresponding to EV = 5xEBITDA average for 2021-2023. The agreed additional purchase price for the remaining 49.9% of the shares at the corresponding EV = 6xEBITDA based on AXXE’s average results in 2024 to 2026.

AXXE has a portfolio of customers in several different segments such as off-shore, communications and IoT and industry, and has 46 employees located in Halden, Norway. In 2022, AXXE had a turnover of NOK138 million ($13.1 million) with EBITDA of NOK8 million ($759,000).

"At Inission Løkken AS we are extremely happy to see Inission expand in Norway through the acquisition of AXXE," said Erik Dragset, CEO, Inission. "The company is one of the best-known EMS companies in the country and we look forward to a strong collaboration. With Inission’s and AXXE’s combined capacity and industry knowledge, we can offer our customers both ground-breaking solutions and world-class customer service."

"As an EMS company in electronics manufacturing, we are one of the oldest and most experienced in our field," said AXXE CEO Øystein Back. "We have worked with the production and assembly of complex electronics together with many of our customers for more than 17 years. Our values are based on the desire to cooperate and take care of our customers in the best way to achieve our common goals. Our strengths are customer orientation, flexible manufacturing, quality, and a staff of experienced professionals. By combining our strengths with Inission, we can take care of our customers more efficiently, offer a wider range of services and develop our business in a completely new way. This ensures that we meet the growing needs of all sectors of the electronics industry. We look with great enthusiasm towards the future."

• Prev
• Next