Summary
- Today SP Group A/S has agreed with Søren Ulstrup Holding ApS to acquire Ulstrup Plast A/S at a total price including takeover of debt (enterprise value) up to DKK 78 million
- The acquisition of this well-running and well-earning injection moulding company accelerates the growth of SP Group. As a consequence of the acquisition the outlook for the year 2015 is upgraded
- SP Group issues 200,000 number of new shares as a part financing of the acquisition. The new shares will be sold at market price on Wednesday the 24 June 2015 without pre-emptive rights of the company’s shareholders. The share issue is guaranteed
- Søren Ulstrup continues as managing director at Ulstrup Plast and becomes a significant shareholder in SP Group.
Ulstrup Plast A/S
Ulstrup Plast is an injection moulding company with production and assembly in Denmark (Lynge) and Slovakia (Pobedim). The production site in Slovakia was established in 2006 and expanded in 2012. The global customers come from the healthcare, agricultural and food—related industries. The company has customers in 25 countries and has a strong brand. Therefore, Ulstrup Plast will continue under its existing name.
In the past 3 years the revenue amounted to approx. DKK 100 million with an average EBITDA of approx. DKK 14 million p.a. The company has approx. 130 employees working full-time, and these employees are expected to continue their work at Ulstrup Plast.
Ulstrup Plast is a family-owned company, established in 1952 of the grandfather of Søren Ulstrup, Wilhelm Emil Ulstrup. In 1961 his son, Flemming Ulstrup, took over, and his son, Søren Ulstrup, took over in 1993. As owner and managing director Søren Ulstrup has run the business in a clever way. Since 1993 the company has made a profit every year and in the latest years experienced a considerable growth.
Søren Ulstrup continues as managing director of Ulstrup Plast. The chief executive officer at SP Group, Frank Gad, becomes new chairman, and today’s chairman, Palle Jørgensen, will continue as member of the board.