Hultafors Group has signed an agreement to acquire Scangrip A/S (“Scangrip”). The completion of the transaction is expected to take place during the month of October, subject to customary closing conditions.
Scangrip is an industry leading manufacturer of innovative LED work lights (e.g. floodlights, handlamps, headlamps and flashlights) for professional end users. The Company is based in Svendborg, Denmark with distribution of products in Europe and North America.
“It is with great enthusiasm we welcome Scangrip with their comprehensive and innovative work light product range to Hultafors Group. As a company well-known among professionals for its superior quality and technology excellence, we see the acquisition as a perfect match and we look forward to developing the company further together”, says Martin Knobloch, CEO of Hultafors Group.
The acquisition is part of Hultafors Group’s strategy to broaden our product portfolio with attractive product categories that meet the needs of professional end users. Scangrip prides itself with developing high quality work lights for real professionals who need the right tool for the tasks and constantly push the borders of durability and performance. The lights are made for work and built to last.
“Hultafors Group will be an excellent company for Scangrip to partner with given its existing product portfolio of leading brands, its strong reputation among professional users and its existing customer footprint. I am confident that Scangrip can thrive and accelerate growth further with Latour and Hultafors Group as a long-term home”, says Anders Borring, CEO of Scangrip.
Net sales of Scangrip is expected to amount to c. DKK 220 millions in 2021 with a profitability well in line with Hultafors Group’s profitability level. The company has around 50 employees.
Source: Hultafors Group
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