From left: Inissions Marketing Director Olle Hulteberg, Speed Groups CEO Peter Nilsson, Inissions CEO Fredrik Berghel and Speed Groups CFO Anders Appelqvist.
Today, Inission Borås AB acquired Speed Production AB from Speed Group AB, which is a part of Ratos. Like Inission, Speed Production is a contract manufacturer in electronics and in 2017 they had revenue of approximately SEK 50 million. Through the acquisition, Inission will expand its largest factory and there are great hopes for further growth.
There is an ongoing consolidation in the industry and it is important to be able to offer the market both bigger muscles, broader skills and greater flexibility. Several of Speed Production’s customers are in an exciting growth phase and the acquisition fits well to handle the needs that arise. For an example, Speed Production will now have access to production capacity in the Baltics thanks to Inission’s operations in Tallinn.
Inission’s strategy is to grow through acquisitions in order to become one of the leading contract manufacturers in the Nordic region. In the last six years, six companies have been incorporated into Inission, and Inission is well on the way to qualifying among the five largest contractors in the Nordic region.
Jonas Andersson, Operations Manager Speed Production:
– Inission has made a reputation for taking good care of its acquisitions and we have had a good collaboration before the acquisition. We have a common approach to many things. I am therefore fully convinced that our customers and employees will see the new owner as exclusively positive.
Fredrik Berghel, CEO Inission:
– 2017, we implemented a positive integration project in Stockholm, where Inission Triab and Inission SKEAB were merged to form Inission Stockholm. The new Stockholm unit is a next generation pattern factory, which has now been raised to a whole new level with the introduction of Inception and Inside. The integration in Stockholm has been positively received from the market and we are of course hoping for the same positive development in Borås. We will immediately start a preliminary study for a possible co-location of our factories in Borås while giving huge respect to the customers. Customers should, as far as possible, be involved in the process so that we can simultaneously implement and achieve significant improvements. It must also be MBL negotiated and planned in detail to make it as smooth as possible for all of us. Co-location means great opportunities when significant synergies arise. The industry is under consolidation and Inission wants to be an active player in that process. The challenge is to grow with good profitability, as we have already proven we can. Now we apply our model on Speed Production to ensure good business and good profitability.
About the deal
The preliminary purchase price for the acquisition of Speed Production AB amounts to 1.9 MSEK based on a balance sheet (18-08-31) with a possible additional purchase price of a maximum of 3 MSEK. The entire preliminary purchase price has been paid in cash today (18-10-03) on the day of admission with own resources. The preliminary purchase price is adjusted later in accordance with the balance sheet at the date of access. Jonas Andersson at Speed Production remains as Operations Manager and thus ensures continuity.
About Speed Production
Speed Production is located in Borås and in 2017 the company had revenue of approximately 50 million SEK. Speed Production has five permanent employees and the remaining staff is hired from Speed Competence and Speed Professionals, which are staffing companies within Speed Group. Speed Production stands for quality, proximity and flexibility with a large customer focus. More information about Speed Group is available at www.speedgroup.se
Contact Speed Group AB:
Peter Nilsson CEO Speed Group AB
+46 33 722 04 51, [email protected]
Ulf Johansson HR Manager Speed Group AB
+46 33 722 60 09, [email protected]
Anders Appelqvist CFO Speed Group AB
+46 33 20 54 33, [email protected]
Contact Inission AB:
Fredrik Berghel, CEO Inission
+46 732 02 22 10, [email protected]
About Inission AB
Inission is a total supplier of tailor-made manufacturing and logistics services in advanced industrial electronics. The Group consists of the parent company Inission AB and the wholly owned subsidiaries Inission Stockholm AB, Inission Borås AB, Inission Munkfors AB, Inission Pajala AB, Inission Malmö AB, Estonian company Inission Tallinn OÜ and the Danish sales company Inission Copenhagen ApS. Inission AB employs 336 employees and is listed on Nasdaq First North with Stockholm Certified Advisers AB as a certified advisor. Company reports are filed under
www.inission.com/investor-relations.
Inission AB: Org.no 556747-1890
Lantvärnsgatan 4,
652 21 Karlstad
www.inission.com