TOMRA Systems ASA (TOMRA), through its fully owned subsidiary TOMRA Sorting AS, has on 26.02.2018 signed an agreement with the owners of BBC Technologies Ltd and BBC Technologies (USA) Limited (BBC Technologies) to acquire 100 per cent of the shares in BBC Technologies.
Further Expansion within the Global Food Sorting Segment
BBC Technologies is headquartered in Hamilton, New Zealand and is a leading provider of precision grading systems for blueberries and other small fruits. The company complements TOMRA’s own fruit inspection and grading technology portfolio. It also adds an innovative unique quality tracking system: www.freshtracker.com, which TOMRA see large value in offering to more customers alongside its other advanced developments in digital data solutions. The majority of BBC Technologies sales have been from the blueberry segment, but the company also offers solutions for cherries, cherry tomatoes and other small soft fruits.
“We admire the work done by the BBC team in developing leading technologies, market position and their long-term commitment to customers. We are fully committed to continue supporting this strategy jointly with BBC’s leadership team and working together to find new ways to further enhance local presence, aftersales support and technology development. We trust that TOMRA can contribute to the continued success of BBC and its customers”, says Stefan Ranstrand, TOMRA’s President and CEO
BBC Technologies’ origins go back to 2000, currently employing around 145 people across locations in New Zealand, Chile, Europe and USA. About 2,350 BBC Technologies machines have been sold worldwide. With year-end in December the company generated a 2017 EBITDA of approximately NZD 10m on total revenue of approximately NZD 36m.
”Joining TOMRA provides BBC Technologies and our customers the perfect platform to further enhance our technology and service offerings in all corners of the globe. As a company built by growers for growers, we respect TOMRA’s global market leadership which has been achieved through continuous innovation and partnership with their customers, consistent with the principles that have fuelled our own growth at BBC Technologies”, says Head of BBC Technologies Geoff Furniss.
TOMRA will pay a consideration corresponding to a value of NZD 66.9m, free of cash and interest-bearing debt. TOMRA will pay the purchase price in cash, and the transaction will be financed through existing drawing rights.
Closing of the transaction is expected to take place end of February 2018.
For questions please contact:
||+47 66 79 92 41 / +47 97 68 73 01
|VP Investor Relations/M&A
||Elisabet V. Sandnes
||+47 66 79 92 42 / +47 97 55 79 15