Hudaco to acquire Flosolve Business
JSE-listed Hudaco Industries has signed an agreement with Flosolve to acquire its trading assets and liabilities, with effect from June 1.
The purchase consideration will be based on the yearly profit after tax of the Flosolve Business for the three years after the effective date, with an initial payment of R45-million and a maximum consideration of R125-million.
This will be funded from cash generation and existing facilities of Hudaco.
The Flosolve Business is an importer and stockist of specialised equipment for the handling of fuels, lubricants, greases and other fluids associated with the servicing and refuelling of plant and machinery, especially in the mining industry.
It also provides on-site service to certain key customers and employs 53 full-time staff, based in Gauteng and Middelburg, Mpumalanga.
Hudaco specialises in the importation and distribution of selected high-quality branded automotive, industrial and electronic consumable products, mainly in the Southern Africa region.
One of Hudaco’s key strategies is to acquire new businesses in similar fields of activity when the opportunity arises.
The purchase of the Flosolve Business is consistent with Hudaco’s acquisition strategy and is expected to be an ideal fit for its engineering consumables segment.
Certain Hudaco divisions deal with similar customers, and they will work together with the Flosolve Business to optimise and expand the combined customer base.
In addition, Hudaco says it will be able to use its experience and expertise in value-added distribution to enhance the position of the Flosolve Business.
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