Scapa Announces Acquisition of First Water Ltd
Scapa Group plc (“Scapa”), a global supplier of bonding materials and solutions, is pleased to announce that it has acquired 100% of the issued share capital of First Water Limited (“First Water”) based in Ramsbury, UK.
The purchase price is comprised of an initial cash consideration of £11.3m with a further cash consideration of up to £4m payable depending on performance in 2016, 2017 and 2018, for a total consideration of up to £15.3m.
As at 31 January 2015, unaudited gross assets acquired were £4.0m. Underlying EBITDA for the 12 months to 31 January 2015 was £0.9m on sales of £5.4m. The Acquisition is expected to be earnings enhancing in its first year.
First Water has built a reputation as one of the leading designer-manufacturers of advanced wound dressings and skin adhesives. Its patented adhesive polymers and dressing designs allow it to offer its OEM partners – typically multinational woundcare and consumer wellness companies – unique and compelling products for a wide range of clinical and commercial applications.