NOTE Acquires Speedboard for $9M
KISTA, SWEDEN – Electronics manufacturer NOTE has acquired all shares in Speedboard Assembly Services for $9.1 million on a debt-free basis, with the possibility of an additional purchase price of $650,000 by 2020.
Sales in the last year were more than $17.2 million. The acquisition is expected to contribute positively to NOTE's growth and profitability in the fourth quarter.
Speedboard has several surface mounting lines and expertise in box-build. The company serves the advanced communication, surveillance, security and medical technology markets.
Speedboard’s UK operations includes approximately 100 employees. Former co-owner Neil Owen will continue to act as managing director, and Richard Watson, finance director, will remain for a while to ensure a smooth transition.
"For a long time, NOTE has had the ambition to expand in the UK,” said Johannes Lind-Widestam, NOTE’s president and CEO. “The UK EMS market is approximately at the same level as the entire Nordic market. We are very pleased to implement this acquisition, seeing Speedboard as one of the most competitive players in the UK market. Growth is strong, and the company has many exciting customers and new projects. We are looking forward to further developing the business in Windsor with current staff, management and customers."
