© Jenoptik Business | July 11, 2018
Jenoptik acquires Prodomax Automation
Jenoptik has entered into an agreement to acquire 100 percent of the Canadian company Prodomax Automation Ltd. for a consideration of slightly below 2x expected sales, or around 7x expected 2018 EBITDA.
In its fiscal year 2017 (Nov. 1, 2016 – Oct. 31, 2017) Prodomax Automation’s revenue was some CAD 65 million (EUR 42 million) with a profitability clearly above Jenoptik’s Group average. The contract was signed on July 10, 2018, closing is expected within the next few weeks. Prodomax, founded in 1971 and headquartered in Barrie, Ontario, Canada, employs about 180 staff and specialises in process automation for the automotive industry. With the acquisition, Jenoptik aims to strengthen its position as a provider of complex automated manufacturing solutions the company has embarked on with the acquisition of Five Lakes Automation (FLA) in 2017. Like FLA, Prodomax will become a part of the Group’s global laser processing business. Similar to FLA, Prodomax plans and designs automated production lines as well as integrates them in the customer’s manufacturing environment. Whilst FLA focusses on small and medium-sized contract business, Prodomax has the capacities and the strong customer basis to pursue larger projects, a press release states. Due to the acquisition Jenoptik will be able to tap into new areas of application for its 3D laser machines in future. “With the acquisition of Prodomax and our expertise in laser material processing we take a huge step towards becoming an integrated provider of advanced manufacturing environment”, says Stefan Traeger, President & CEO of Jenoptik AG. In addition, Prodomax benefits from the strong US presence of the Jenoptik Group: “In combination with FLA’s automation solutions and the laser processing business we can evolve into a global production integrator. Together with Jenoptik, we will be able to win new customers, extend our know-how to other production steps in the manufacture of, for example, doors or tailgates, and to gradually transfer our competencies to other industries”, say Don Leslie and Carolyn Garvey, Co-CEOs of Prodomax. “With the acquisition of Prodomax announced today and a continuing good demand in the Groups’ business overall, we now see 2018 revenue of Jenoptik to exceed our current guidance for the year. Including the consolidation of the new Canadian company pro-rata for the rest of the year, we expect group revenue to be between 805 and 820 million euros in 2018 against our original guidance range of 790 and 810 million euros”, explains Stefan Traeger.
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