CALGARY, Oct. 29, 2001 Enerflex Systems Ltd., a global provider of natural gas compression and power generation equipment and services, announces that it has completed the acquisition of 100% of the shares of Landr�uhaak bv, the exclusive Waukesha natural gas engine and parts distributor for the Netherlands, Germany, Portugal and Spain.
According to President and Chief Executive Officer Malcolm Cox, this acquisition is an important step forward in achieving Enerflex’s long term strategic objectives. “Geographic expansion and continued development of our worldwide service business is one of the key elements of our plan for the growth of Enerflex. The acquisition of Landr�uhaak strengthens our service operations in the North Sea and provides a strong engine sales and parts and service organization from which to expand into other parts of continental Europe.”
In addition to its service operation, Landr�uhaak is a major provider of gas-fired power generation equipment into the European cogeneration market. “Their capabilities in power generation and market presence in Europe will compliment our existing power generation business,” says Cox. “Landr�uhaak is well managed and has a strong reputation for providing high quality products and services that is an excellent fit with Enerflex.”
Landr�uhaak, located in Vianen, the Netherlands, is the largest Waukesha distributor in Europe with annual revenue of approximately 14 million Euros (Cdn$20 million). It is also a distributor for Iveco Aifo diesel engines, Thermax absorption chillers and Johnson Matthey catalytic converters.
The cash purchase price is 4.0 million Euros (Cdn$5.8 million) plus working capital of approximately 1.7 million Euros (Cdn$2.2 million), subject to closing adjustments. Landr�uhaak expects EBITDA to approximate 1.2 million Euros (Cdn$1.7 million) in 2001. The acquisition will be accretive to Enerflex earnings.
Enerflex Systems Ltd. is Canada’s dominant gas compression and power generation equipment and service provider, and a growing player in the global market. The Company is headquartered in Calgary and has operations in Canada, the United States, the United Kingdom, Germany, the Netherlands, Australia and Indonesia.