NOTE is growing on the UK market through the acquisition of DVR Ltd.

DVR has a business model similar to NOTE's, with the manufacture of PCBs and box-build to high quality and good delivery precision. The company focuses on long-term customer relationships and has a strong customer portfolio combined with a good customer inflow in recent years. A significant part of the customers are in the Industrial and Greentech segments. DVR's business was founded by the Hellings family and has been successfully run and developed, most recently under the leadership of David Hellings who will continue his role as CEO of the company. The number of employees is approximately 95.

Operations are conducted in modern premises in Basildon, Essex. The UK EMS market, which is similar in size to the Scandinavian market, is expected to grow significantly faster than the rest of the European EMS market. By acquiring a fourth plant in the UK, NOTE will increase its coverage and become a bigger player on the growing UK EMS market.

The purchase price amounts to GBP 9 million on a debt-free basis, which corresponds to an adjusted EV/EBIT multiple of approximately 7 based on the company's average profitability in recent years. In addition, the purchase price may be increased by an earn-out of up to GBP 3.0 million based on future growth and profitability targets.  

"Our business continues to develop strongly and we are now making our third acquisition in the past year. We are very enthusiastic about DVR becoming part of the NOTE group. This acquisition strengthens our position on the UK EMS market, which we strongly believe in and which is expected to grow strongly in the years ahead. DVR has a strong customer portfolio with exciting projects, and we also see opportunities for synergies with our existing customers and suppliers. We look forward to continuing our profitable growth journey together with DVR's customers, staff and management," says Johannes Lind-Widestam, President and CEO of NOTE.

"I've come to appreciate NOTE as a company that shares our core values of long-term customer relationships and high quality in what we do. We have a lot of exciting customers and projects in our portfolio, and see great benefits for both us and our customers in becoming part of a larger group and continuing to develop our business together," says David Hellings, CEO of DVR Ltd.

For further information, please contact:
Johannes Lind-Widestam, President and CEO, tel. 070-541 72 22
Frida Frykstrand, Finance Director, tel. 070-462 09 39
David Hellings, Managing Director DVR Ltd, tel. +44 7803 596 692
About NOTE
NOTE manufactures printed circuit boards (PCBA), sub-assemblies and complete products (box build). NOTE is a competitive electronics manufacturer and a stable business partner to customers with high standards. Its products are found in complex systems for electronic control, monitoring and security, for example.

The business model is based on offering advanced manufacturing, customised logistics solutions and advice at the best possible total cost through long-term customer relationships and partnerships. The customer offering covers the entire product life cycle, from design to aftermarket. Customers are primarily large companies operating on the global market, but also companies with their primary sales in northern Europe.

NOTE is established in Sweden, Finland, the UK, Estonia, Bulgaria and China. Sales in the last 12 months totalled SEK 3,849 million and the group has some 1,450 employees. NOTE is listed on Nasdaq Stockholm. For more information, please visit

This information is information that NOTE AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Johannes Lind-Widestam, at 18:30 CET on 4 July 2023.

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