Rail News

Efore Plc Completes Acquisition of Entire Share Capital of Powernet International Oy

Efore Plc Acquires Powernet International OyEfore Plc has completed on 31 December 2018 the acquisition of the entire share capital of Powernet International Oy.

Efore Plc

Efore is an international Group which develops and produces demanding power products. Efore’s head office is based in Finland and its R&D functions are located in Finland, Sweden, Italy and China. Sales and marketing operations are located in Europe, United States and China. In the financial year ending in December 2017, consolidated net sales totalled EUR 69.9 million and the Group’s personnel averaged 432. The parent company’s share is quoted on the Nasdaq Helsinki Ltd.

The acquisition further shifts Efore’s focus towards higher value-added products and solutions. Efore’s Systems business and Powernet form a strong platform based on Finnish know-how dating back years, on which Efore and Powernet can together build new and growing business.

From the beginning of 2019 Efore’s Systems business and Powernet International Oy will form a new business line in the Industrial business area. Powernet’s current CEO Heikki Viika will be nominated as the executive vice president of the new business line and he will be a member of the Efore group management team.

Powernet International Oy

Powernet, founded in 1992, develops and manufactures customer specific power supplies and systems, of which examples are customised power supply and power distribution packages as well as turnkey project deliveries, e.g. to the train industry. Powernet has also been a forerunner in the development of IoT enabled condition monitoring of power supply and power distribution packages, which is utilized in e.g. smart battery chargers. Powernet is well recognized especially in the North and Central Europe. Powernet has 30 employees and in financial year 2017 its turnover was EUR 9.7 million and EBITDA EUR 0.9 million.

The purchase price on a cash and debt free basis (enterprise value) is EUR 4.5 million and the purchase price for the shares at closing of the transaction is EUR 2.5 million. Additionally, the parties have agreed on an earn-out. The maximum amount of the earn-out is EUR 1.5 million and may be paid based on Powernet Group’s consolidated sales margin for financial year 2019.

News categories

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    23 Nov 2018
    Shareholders Agree to Sell Powernet International Oy to Efore Plc
    01 Nov 2017
    Powernet and Amaronia Join Forces to Market Rail Power Solutions
    26 Sep 2017
    Heikki Viika Named New CEO of Powernet
    01 Sep 2016
    Powernet to Showcase New Battery Management System at InnoTrans
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    Powernet Launches 1kW DDC8600 Rail Approved DC/DC Converter Series
    07 Apr 2016
    Powernet Presents ADCR1100 Robust Battery Charger and Power Supply for Harsh Environments
    07 Apr 2016
    EKE-Electronics Ltd Selects Powernet Oy as Supplier for the Haramain High Speed Train Project
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