LONDON (ShareCast) - (ShareCast News) - McBride has agreed to buy Danish auto dishwasher and laundry products supplier Danlind for a £10.8m consideration and the assumption of around £28m of net debt.
The company said Danlind will provide it with access to accelerated growth in the key strategic category of auto dishwasher tablets. It pointed out that the group has a significant range of retail and contract customers along with a well-established position in the Nordic region and in the commercial laundry and dishwasher markets.

Operating from three manufacturing sites in Denmark, Danlind has around around 250 employees. In the year to the end of December 2016, it reported revenues of £58.4m, earnings before interest, tax, depreciation and amortisation of £1.6m, a loss before tax of £1.3m, and had gross assets of £48m. For its financial year ending 31 December 2017, on a standalone basis, Danlind is expected to generate around £2.5m of EBITDA.

The acquisition, which will be funded from McBride's existing banking facilities, is expected to complete early next month.

Chief executive officer Rik De Vos said: "With this acquisition, the combined resources and knowledge of the two companies will provide McBride with accelerated growth in several key categories and geographies and enable us to access new customers. The excellent operational and cultural fit between both companies gives the board confidence that the integration of Danlind will be executed efficiently.

"This is a significant next step in the development of our strategy and will further support McBride's leading position in its chosen markets, whilst providing our customers with an increasingly better proposition."

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