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Hanza: One more step in the cluster strategy - ABG

HANZA acquires Helmut Beyers in Germany
Adds 1% and 6% to ’21e and ‘22e sales, respectively
Another step in building out the cluster strategy

HANZA completes the acquisition of Helmut Beyers (“Beyers”), a German electronics manufacturer with ~150 employees and estimated ’21e sales of EUR 18m (down ~10% compared to 2020). Beyers production unit is located 7 miles from HANZA’s current operations in Remscheid, making it an ideal candidate for HANZA to acquire to continue expanding on its cluster strategy. We believe the company should be able to realise synergistic effects with its other nearby production units and drive profitability for Beyers going forward. Currently, the company operates at roughly break-even as earnings have been hampered by pandemic effects. The transaction price amounted to EUR 2.7m, implying a ’21e EV/sales acquisition multiple of 0.15x. Additional earn-out clauses linked to sales growth targets for 2022 and 2023 amount to a maximum of EUR 2.5m. Moreover, HANZA expects one-off transaction costs of SEK 10m to weigh on the Q4’21 result.

Since the acquisition was completed towards the end of October, we should see 1% (~SEK 30m) added to ’21e sales based on the two remaining months of the year. The non-recurring transaction costs in Q4’21e should lower ’21e EBITA 7%. In ’22e, a further 6% (~SEK 150m) should be added to sales when solely considering the acquired growth (i.e., not including any organic growth from Beyers). The company adds that the acquisition should contribute positively to EBITA from ’22e onwards, however given the information currently disclosed it is difficult to quantify this effect.
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