Scanfil has acquired SRXGlobal Pty Ltd. (“SRX”) for EUR 23.3 million (USD 25.7 million), marking a key step in its Asia Pacific expansion. This acquisition includes SRX factories in Melbourne, Australia, and Johor Bahru, Malaysia, with 8 automated SMT lines and about 300 employees.
“The acquisition of SRX is a step in building up our presence in Asia Pacific region and the implementation of our strategy. It creates synergies in procurement, improves geographic diversification and strengthens our customer portfolio”, says Christophe Sut, CEO of Scanfil. “The acquisition brings us new customers and allows our existing customers to expand their operations with us in the new areas of the fast-growing Asia Pacific region. For SRX employees, a bigger and more international company creates new career and personal development opportunities. I want to welcome all our new employees to be part of the growing Scanfil family”.
“We have a lot in common with Scanfil with our Medical and Industrial focus, complex manufacturing capabilities and, importantly, genuine pride in the people we employ – creating a team that can deliver world class operational performance takes time and dedication” comments Paul Appleby, CEO of SRX. “For almost 30 years, SRX has provided exceptional service in Australia and Malaysia and developing meaningful relationships with our staff, customers, and suppliers. Culturally, we are very close to Scanfil and share similar values with high work ethic, professionalism in all things we do, and strong customer focus. I am thrilled that SRX is now part of the Scanfil family, and I look forward to seeing SRX grow stronger under the new ownership structure”.
Financial highlights show SRX’s robust performance, with turnovers of EUR 41,956,000 and EUR 39,009,000 for the years ending June 30, 2023, and June 30, 2024, respectively.
The EUR 23.3 million (USD 25.7 million) acquisition will be financed with Scanfil’s liquid assets. Additionally, the seller may earn up to EUR 10.5 million (USD 11.6 million) based on the financial performance of 2024 and 2025. The transaction has a minimal impact on Scanfil’s Net Debt/EBITDA ratio, staying below the target of 1.5x.
Scanfil’s financial outlook for 2024 remains unchanged.
Scanfil will host an online presentation of the transaction at 2.00 p.m. EEST, 4 October. The online event can be accessed: https://scanfil.videosync.fi/info
