The Swedish vehicle inspection company Opus Group AB (publ) has met the terms of the share purchase agreement for the acquisition of Besiktningskluster 1 AB, a subsidiary of Bilprovningen. Opus Group has completed the closing of the acquisition and has received access to all shares of Besiktningskluster 1 AB, which will change its name to Opus Bilprovning AB.

The acquisition includes 70 inspection stations primarily in Stockholm and Mälardalen with a few located in Värmland, Småland, Blekinge, and northern Sweden up to Kiruna. The acquired business had sales of SEK 543 million in 2011. The acquisition is expected to have a significant positive effect on net income in 2013.

The total purchase price amounted to 340 MSEK plus the equity build-up between May 1 and November 4, 2012. Besiktningskluster 1 AB is expected to have a cash balance of approximately SEK 55 million at the time of closing. The acquired business has approximately 540 employees. The acquisition includes personnel, inspection equipment, leases of the real estate and miscellaneous assets. The acquisition also includes skilled employees, processes, procedures and know-how. The vehicle inspection business will operated under the brand name Opus Bilprovning. The administrative office for the vehicle inspection business will be located in the inspection station in Vinsta (Vällingby), Stockholm.

The conditions for the completion of the acquisition are satisfied with the accreditation from Swedac to perform vehicle inspections and final procurement of the financing of the acquisition. The acquisition is financed through a bank loan of SEK 175 million from Swedbank, a Vendor Note of approx. SEK 170 million from Bilprovningen andequity of
approx. SEK 50 million.

– This is a great day for our company”, said Magnus Greko, CEO of Opus Group. We will combine the knowledge and experience of Svensk Bilprovning with a new focus on customer service and innovative technology, as practiced by our U.S. based subsidiaries that handle over 17 million inspections worldwide per year. The acquisition represents a
significant increase in both turnover and profit for the company.

– We welcome all employees to our organization, Greko continued, and we look forward to being able to offer competitive services and excellent service to our customers in the Swedish vehicle inspection market.

Swedbank Corporate Finance is the company’s financial advisor. Deloitte is also financial advisor and Mannheimer Swartling Advokatbyrå AB legal advisor to Opus Group.