12th Nov 2007 07:01
DCC PLC12 November 2007 DCC acquires leading French distributor of consumer electronics and IT peripherals DCC plc, the business support services group, has reached conditional agreementto acquire Banque Magnetique SAS ("Banque Magnetique"), a Paris based Frenchcompany, which is a leading distributor of consumer electronic products and ITperipherals to the French retail market. The business is being sold by Fayrewoodplc. The acquisition is subject, inter alia, to clearance from the Frenchcompetition authorities. The agreed cash cost of the acquisition will be €38.1 million, made up ofconsideration of €12.5 million and net debt of €25.6 million. Banque Magnetique's operating profit before group charges, goodwill amortisationand exceptional items for its financial year ended 31 December 2006 was €4.5million and it is expected to achieve operating profits of approximately €5.6million in its financial year to 31 December 2007. Sales in 2006 were €245million. At 31 October 2007, Banque Magnetique had net operating assets ofapproximately €38.6 million. Banque Magnetique distributes a broad range of consumer electronic products andIT peripheral products and services to a wide range of retail customers,including internet, supermarket and specialist electronics retailers. Jim Flavin, Executive Chairman of DCC plc, said today: "Banque Magnetique is an excellently managed business which has experienced strong growth over the past three years. The acquisition will significantly strengthen DCC's position in European retail consumer electronics distribution. Banque Magnetique will be acquired by Gem Distribution, DCC's subsidiary, which is the leading distributor of consumer electronic products and IT peripherals in the British market. The strategic fit between Gem Distribution and Banque Magnetique will provide vendor, product and management synergies." For reference: Jim Flavin, Executive ChairmanTommy Breen, Group Managing DirectorNiall Ennis, Managing Director, DCC SerComConor Murphy, Investor Relations Manager Telephone: +353 1 2799 400Email: [email protected]: www.dcc.ie This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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