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Advanced Power Components

  • BY: Andrew Hore |
  • POSTED: 23/07/2013 |

Energy efficiency products and electronic components distributor Advanced Power Components has acquired 25% of Invisible Systems Ltd (ISL), a supplier of Cloud-based management and control systems.

These systems can help APC to measure and demonstrate the benefits of its other energy efficiency products. Cumbria-based ISL (www.invisible-systems.com) uses wireless technology and it can be retrofitted. Customers include, industry, food manufacturers, utilities, local government and educational establishments. Average savings of 15% to 30% are possible (www.boiler-controls.co.uk). APC has secured a distribution agreement that enables its Minimise operations to sell ISL services in the UK and overseas. 

APC is paying £1.245m for its initial stake in ISL - £750,000 in cash and £495,000 of shares based on a share price of 31.75p a share. This values ISL at £4.98m. There is an option agreement that will enable APC to take its stake in ISL to 51% and then to 100% over a period between October 2015 and September 2020.  The amount paid depends on ISL’s EBITDA. The likely cost of the 100% stake is between £2.4m and £7.1m, although a cap of £15m has been placed on the amount.

In the year to September 2012, ISL made a pre-tax profit of £165,000 on revenues of £1.42m.

At 32.5p a share, APC is valued at £18.6m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2013_46.pdf

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