GUD Holdings Strengthens Its Automotive Portfolio
GUD Holdings Limited (GUD) today announced that it has entered into an agreement to acquire 100% of the shares in the businesses of Australian Clutch Services Pty Ltd (ACS), and subsidiaries XCLUTCH USA Inc and ACS NZ Pty Limited for an enterprise value of $32 million and is subject to customary purchase price adjustments. ACS achieved a FY20 normalised EBIT of $5.7 million.
Completion of the acquisition is expected to occur on 1 March 2021.
GUD Holdings Limited’s Managing Director and Chief Executive Officer, Mr Graeme Whickman stated “This is a strategic acquisition of a strongly performing business which complements GUD’s automotive portfolio. This acquisition, at a compelling multiple of 5.6 times follows in close succession to GUD’s acquisition of companies formerly comprising AMA’s ACAD business, is further demonstration of GUD’s growth strategy”.