Datalogic recently announced that the company has completed the acquisition, through certain of its subsidiaries, of Accu-Sort Systems Inc., a leading supplier of Automatic Identification (Auto-ID) products in the United States, and certain affiliates of Accu-Sort Systems Inc. ("Accu-Sort") from certain subsidiaries of Danaher Corporation.
Mauro Sacchetto, Datalogic Group CEO, commented: "The acquisition of Accu-Sort will enable Datalogic to double its presence in the Industrial Automation market, a very fragmented sector, but one with high growth potential. Furthermore, this acquisition will consolidate Datalogic's position of leadership, putting it first in the world, with 31% of the market participants choosing Datalogic's technological solutions. In practice, this means that almost a third of the post offices,couriers, distribution centers and airports worldwide use our products and solutions".
Founded in 1971 and based in Telford, Pennsylvania, Accu-Sort is a leader in the United States in the design, production, integration and maintenance of Automatic Identification(Auto-ID) systems, with revenues of approximately USD 92 million in 2010, of which approximately 79% generated in the United States.
Accu-Sort employs approximately 250 employees, and has one production factory in the U.S., two research centers (one in the U.S. and one in Europe) and eight sales offices.
Accu-Sort' strengths notably include its continuous product innovation (around 80 patents, of which 57 are registered in the U.S.), long-term relationships with primary retailers, strong competitive positioning and high brand awareness in its key market; these factors will enable Datalogic to strengthen its presence, mainly in the Transportation & Logistics sector.
The acquisition of Accu-Sort, a complementary company both in terms of geographical distribution and product offering, will enable Datalogic to improve its global leadership in the industrial stationary scanners segment, putting it in first place, with a market share of around 31% (Source: VDC 2011), versus a current market share of 16%.
During 2010, Accu-Sort recorded revenues of approximately USD 92.3 million, with an EBITDA of approximately USD 17.8 million (and an EBITDA margin of 19.3%), while in the first half of 2011 it generated revenues of approximately USD 51.4 million, with an EBITDA of approximately USD 11.3 million (and an EBITDA margin of 22.0%).
The agreed purchase price of USD 135 million (on a cash-free debt-free basis) includes estimated tax benefits for Datalogic resulting from an election to be made by the parties under section 338(h)(10) of the U.S. Internal Revenue Code to treat the stock purchase as an asset purchase for U.S. federal income tax purposes.
Datalogic will finance the acquisition with bank loans for 45 million Euro and with its own funds for the remainder.
Tamburi Investment Partners acted as financial advisor to Datalogic in the transaction and Dewey & LeBoeuf LLP as legal counsel.
A disclosure prepared pursuant to article 71 of Consob Regulation 11971/1999 will be available within the time period prescribed by applicable law.
About Datalogic Group
Datalogic Group is a global leader in Automatic Data Capture and Industrial Automation. As a world-class total solutions provider and producer of bar code readers, data collection mobile computers, RFID and vision systems, Datalogic offers innovative solutions for a full range of applications in the manufacturing, retail and transportation & logistics industries. Datalogic S.p.A. is quoted on the STAR segment of the Italian Stock Exchange since 2001 as DAL.MI, and isheadquartered in Lippo di Calderara di Reno (Bologna). It employs over 2,000 staff members worldwide, distributed in 30 countries across Europe, Americas, Asia, and Oceania. The Group invests over 26 million Euro each year in Research and Development and has a large and growing portfolio of 898 patents across the world. The Datalogic Groupachieved revenues in 2010 up 26% to 392.7 million Euro vs. the same period of the previous year with a net profit of 18 million Euro.
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