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Garo: GARO acquires EV Charge Partner Sweden AB

08:30 / 15 May 2020 GARO Press release

On May 15, 2020, GARO AB (publ) signed an agreement to acquire 70 percent of the shares in EV Charge Partner Sweden AB. The company performs service and support as well as commissioning of charging infrastructure for mainly large operators of charging infrastructure and utility companies in Sweden and Poland.

The purchase price amounts to MSEK 5.6 for 70 percent of the shares in EV Charge Partner. The shares have been acquired from Davids Elteknik AB and planned date for take over is June 1, 2020. EV Charge Partners' operations are conducted in a facility in Gnosjö, which is leased from Davids Elteknik AB. In connection with the acquisition, the property was also transferred to GARO for a purchase price of MSEK 5.3. The purchase price for the shares and the property amounts to MSEK 10.9 in total and is paid in cash.

In connection with the acquisition, GARO will also receive an option and obligation to acquire an additional 10 percent of the shares in EV Charge Partner in 2022. Furthermore, GARO will receive an option to acquire, and Davids Elteknik AB an option to sell, remaining outstanding shares in the company after the end of 2025.

The business is run under its own brand EV Charge Partner and the company has established itself as a leading player in the service and support of DC chargers and other charging infrastructure in Sweden. The group's sales in 2019 amounted to MSEK 9 with an operating profit of MSEK 0.8. EV Charge Partner has eight employees. The company is run by David Jonsson who will remain as CEO and co-owner of EV Charge Partner.

EV Charge Partners' operations will be part of the GARO E-mobility division and consolidation in the GARO Group is expected to take place as of June 1, 2020. The acquisition is not expected to have any significant impact on GARO's operating margin or earnings per share for 2020.

Comment on the acquisition

David Jonsson, CEO of EV Charge Partner: "We are very pleased to be part of the GARO Group. We now have the opportunity to continue to develop and strengthen EV Charge Partner's service- and support offer for charging infrastructure. We are convinced that this is beneficial for both companies and especially for our customers".

Patrik Andersson President and CEO of GARO: "With today's acquisition of EV Charge Partner, GARO will strengthen its service and support capabilities. A well-run company with a great deal of expertise that together with GARO's products creates a total solution within E-mobility".

Orvar Hurtig, Head of Division GARO E-mobility: "Our customers often need more than just a product. They want a long-term and well-functioning solution. Together with EV Charge Partner, we can offer total responsibility, including service and support, which is very positive and further strengthens GARO's market-leading position."

Transaction with related parties

David Jonsson, who owns 100 percent of the shares in the selling company Davids Elteknik AB, is related to GARO's Chairman Stefan Jonsson. In order to avoid conflicts of interest, GARO's Board of Directors has appointed Board member Rickard Blomqvist to manage the acquisition process together with GARO's management and in the Board's decision making process, Stefan Jonsson has not participated. It is GARO's view that this transaction has been done on market terms.

GARO develops, manufactures and supplies innovative products and systems for the electrical installations market under its own brand. With a focus on user-friendliness, sustainability and design, GARO takes responsibility for the entire life cycle of its product areas within Electrical distribution products, Project business, Temporary electric installations and E-mobility. 

At year-end, the Group had 420 employees with operations in Sweden, Norway, Finland, Ireland, Poland and Great Britain and Northern Ireland. Sales are divided into GARO Sweden and GARO Other markets. The head office is in Gnosjö, Sweden. Production units are located in Gnosjö and Värnamo, Sweden, and in Szczecin, Poland. GARO is listed on Nasdaq Stockholm, Mid Cap. The business concept is "with a focus on innovation, sustainability and design, GARO provides profitable complete solutions for the electrical industry."

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