Logistics firm Clipper has announced the acquisition of a Dutch electrical repair company.
The Leeds business said the deal to buy CE Repair Services Group B.V was conditional on a number of formalities but was expected to take place within the next few weeks.
CE Repair is a specialist in consumer electronic repair services which is based in Dordrecht and provides services across the Benelux countries. A family firm, it was founded in 1984.
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Clipper said the acquisition would complement its electronic product repair capability, which has already repaired more than a million electrical products in the company’s last financial year as part of the company’s value-added returns services to retailers.
It said the deal would provide it with a number of cross-selling opportunities and would be immediately earnings enhancing.
Clipper has paid an initial €12.5m in cash for CE Repair, with up to a further €5m deferred consideration dependant on growth in 2024. In the financial year to December 31, CE Repair achieved EBIT of €1.9m on revenue of €23m.
Clipper’s executive chairman Steve Parkin said: “We are delighted to have increased our footprint in technical services with this acquisition. CE Repair is a profitable and cash generative business and will enable Clipper to widen the range of services that we can offer our customers in mainland Europe.
“We welcome the employees and management team of CE Repair to the Clipper Group and look forward to continuing to build the breadth and depth of our services and customer base across mainland Europe.”
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