Fluidra acquires 70% of SIBO, a leading company in the Netherlands
July 21, 2016-
SIBO is a leading company in swimming pools and aquatic installations with a major presence in the field of distribution in the Benelux countries and Germany.
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Fluidra has acquired 70% of the company in two payments. At the time of signing the deal, 5.7 million euros were paid, with the remaining amount deferred until 2018, based on the results achieved in 2017.
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This transaction will allow Fluidra to strengthen its presence in northern Europe, boost its growth in this strategic area and add a new product category to its portfolio, bio-pools, a type of pool that is becoming increasingly popular in northern and central Europe.
Fluidra, a multinational group traded on the Spanish stock market and dedicated to developing applications for sustainable water use, will control SIBO, a point of reference in the Benelux market’s distribution of equipment and parts for aquatic gardens, ponds and pools, by acquiring 70% of its capital.
With sales of nearly 17 million euros and an Ebitda of 2 million euros, as a company based near Eindhoven this acquisition will facilitate access to different markets in northern Europe, mainly the Benelux countries, a potential market of 50 million euros per year, with over 230,000 residential pools installed.
Furthermore, SIBO is an international leader in bio-pools, which are biological or natural pools, an eco-friendly product that is on the rise in northern Europe, where it is calculated than one out of every ten new swimming pools is a bio-pool. With about 100,000 bio-pools in place across Europe (still less than 2% of all residential pools), this is now a clear market trend undergoing expansion towards other countries where Fluidra does business.
Fluidra has acquired 70% of the company. The agreement signed places the full value of SIBO at 13 million euros. The purchase price of 70% of the share capital will be paid as follows: a first payment has already been executed for 5.7 million euros net of the existing cash; and a second payment will be made in 2018 based on the results obtained by SIBO as at the financial year ending on 31 December 2017.
The purchase agreement signed also provides for the option of cross-selling that will enable Fluidra to increase its shareholding by up to 100% of the share capital of SIBO.
Eloi Planes, Fluidra’s Executive President, explains: “We are happy about this acquisition, because it fits into Fluidra in two different ways: providing a geographic presence and adding to the product portfolio. Thanks to SIBO in the Netherlands, we are shoring up our position in northern Europe and will be able to offer natural swimming pools throughout our entire network.”
This acquisition forms part of the road map designed within Fluidra’s Strategic Plan. By carrying out the Strategic Plan, Fluidra plans to reach 750 million euros in revenue, with EBITDA of 100 million euros in 2018.