{"id":15594,"date":"2021-06-02T08:00:00","date_gmt":"2021-06-02T06:00:00","guid":{"rendered":"https:\/\/www.note-ems.com\/press-releases\/note-forvarvar-det-brittiska-bolaget-ipro\/"},"modified":"2025-12-02T08:28:11","modified_gmt":"2025-12-02T07:28:11","slug":"note-the-british-company-ipro-is-in-charge-of","status":"publish","type":"mfn_news","link":"https:\/\/www.note-ems.com\/en\/pressmeddelande\/note-forvarvar-det-brittiska-bolaget-ipro\/","title":{"rendered":"NOTE acquires the British company iPRO"},"content":{"rendered":"

NOTE has acquired all shares in UK-based iPRO Holdings Ltd. iPRO manufactures advanced electronics-based products (box-build). Its customers are mainly in Greentech, but also in the Medtech and Industrial sectors. iPRO's sales in the last 12 months were SEK 320 m, with an operating margin in line with NOTE's.<\/span><\/span><\/strong> <\/span><\/span><\/span><\/span><\/p>\n

iPRO's business model is similar to NOTE's, and is based on long-term customer partnerships, high quality and good delivery precision. iPRO is already in a strong growth phase, with several ongoing batch production assignments for charging solutions, including charging boxes for electric vehicles. iPRO will further strengthen NOTE's growing position in the Greentech customer segment. The base of operations is in Haddenham, Buckinghamshire, UK, with some 100 employees. Growth and profitability for iPRO are currently progressing very positively, mainly due to high demand for charging products for electric vehicles.<\/span><\/span><\/p>\n

iPRO's business has been founded, operated and successfully developed under the leadership of current owner Martin Deas, who will continue his role as CEO of the company. <\/span><\/span><\/p>\n

The purchase price initially amounts to GBP 7.0 million on a debt-free basis and may be increased by an additional purchase price of up to GBP 2.3 million. Based on the company's performance over the past 12 months, the initial purchase price corresponds to an acquisition multiple (EV\/EBIT) of approximately 3.5. <\/span><\/span><\/p>\n

Viewed over the past 12 months, the acquisition means pro forma sales growth for NOTE of some \u00a3171,000,000 and an increase in operating profit (EBITA) of some \u00a3161,000,000. Together with its geographically close plants in Windsor and Stonehouse, NOTE's sales in the UK totalled over 500 <\/em>MSEK\/pro forma for the last 12 months.<\/span><\/span><\/p>\n

The purchase price will be paid in cash, based on NOTE's strong balance sheet. After the acquisition, NOTE's equity\/assets ratio is approximately 431 T\u20ac3.<\/span><\/span><\/p>\n

\u201dThe UK EMS market is about the same size as the entire Nordic market. We are very pleased to complete this acquisition which significantly strengthens our position in the UK. Growth in iPRO is strong and the company has many exciting customers and new projects. We are already seeing a significant recovery in demand in the UK market as well and look forward to further developing the iPRO business together with current customers, staff and management.\u201d,<\/span><\/span><\/em> says Johannes Lind-Widestam, President and CEO of NOTE.<\/span><\/span><\/span><\/span><\/p>\n

\u201dFor some time, I've come to know NOTE as a company that shares our core values of high quality and where customers are at the centre of operations. iPRO is currently in a strong growth phase, and I think iPRO will be significantly better positioned for the future as part of a larger group of companies. I'm looking forward to working with other NOTE units, both in Europe and China, and benefiting from synergies, not least on the sourcing side. I think NOTE is a perfect owner for both our staff and our customers, and I'm enthusiastic about the potential to both broaden and strengthen our customer offering on the UK market.\u201d,<\/span><\/span><\/em> says Martin Deas, CEO of iPRO.<\/span><\/span><\/span><\/span><\/p>\n

For further information, please contact:
\nJohannes Lind-Widestam, President and CEO, tel. 070-541 72 22
\nHenrik Nygren, Chief Financial Officer, tel. 070-977 06 86<\/span><\/span>
\nMartin Deas, CEO IPRO, tel. +44 (0)775 369 26 58<\/span><\/span>\u00a0<\/p>\n

About NOTE
\nNOTE is one of northern Europe's leading partners for electronics manufacturing. NOTE manufactures printed circuit boards (PCBA), sub-assemblies and complete products (box build). Its customer offering covers the whole product lifecycle, from design to after-sales. NOTE is established in Sweden, Finland, the UK, Estonia, Bulgaria and China. Sales in the last 12 months were SEK 3,687 million and the group has some 1,400 employees. NOTE is listed on Nasdaq Stockholm. For more information, please visit <\/em><\/span><\/span><\/span><\/span>www.note-ems.com. <\/em><\/span><\/span><\/span><\/span><\/p>\n

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, on 2 June<\/span><\/span><\/em> 2021 at 08.00 CET.<\/span><\/span><\/em><\/p>\n

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Attached files<\/strong>
Press release<\/a><\/p>\n<\/div>\n