HMS Group Completed Acquisition of Belorussian Pump Manufacturer

13.09.2011

HMS Group announces that it has completed an acquisition of Bobruisk Machine Building Plant (the “Plant”), located in Bobruisk, Belarus – one of the largest manufacturer of specialist centrifugal pumps in the CIS.

HMS Group paid total cash of USD 9.6 million for 100% of newly issued shares equal to 57% of the share capital of the Plant. The transaction was fully financed with debt capacity. All funds invested in the Plant will be used for the development of new product lines and purchase of relevant new production machinery. HMS Group acquired the Plant under authorization of the Belorussian government, and is considered to be a strategic investor. The cash consideration of USD 9.6 million corresponds to annualized 2011 EV/Sales multiple of 0.7x pre-money, and annualized 2011 EV/EBITDA multiple of 5.6x pre-money.

According to Artem Molchanov, Managing Director (CEO) of HMS Group, “This transaction is a great fit with HMS Group. The Plant`s established manufacturing capability creates significant opportunities for HMS Group to enhance our customer offering. Combining current product line of HMS with “hot cycle” refining pumps by the Plant will allow us to create production center of refining pumps and tap into the new market niches”.

Source: HMS Group

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