Acal to acquire BFi Optilas

Acal is to acquire the entire issued share capital of BFi Optilas, a specialised supplier of electronic and photonic components, modules and systems, as well as value-added calibration and maintenance services. BFi OPTiLAS will be acquired for a consideration of 10 million payable in cash and 2 million Acal ordinary shares to be issued on completion (the Consideration).

Acquisition highlights:

– The Acquisition represents a key step in executing Acals group strategy, creating the leading specialist distributor in Europe, with a clearly differentiated market position

– The Directors of Acal expect the Acquisition to be earnings enhancing (before
exceptional items) in the financial year to 31st March 2011, and to create long term value for shareholders

– Substantial operational synergies in excess of 5m

– For the twelve months to June 2009, BFi OPTiLAS had revenue of 105.0m (2008:
128.8m), EBITDA before non-current operating income and expenses of 0.7m
(2008: 4.4m) and operating profit from current operations of 48,000 (2008: 3.6m)

– The Acquisition is recommended by the Acal Board

Commenting on today’s announcement, Nick Jefferies, Chief Executive of Acal said: ‘I am delighted to announce the acquisition of BFi OPTiLAS, which is a key step in our stated strategy of specialisation. By bringing the two businesses together, we are creating a clearly differentiated specialist, providing electronic and photonic products and services to over 14,000 customers across Europe.’