Gabriel A/S has today entered into a conditional agreement on acquisition of the share capital in the fabric manufacturer UAB Baltijos Tekstilė in Lithuania.
Gabriel has today signed a conditional share purchase agreement with the owners of the Lithuanian fabric manufacturer UAB Baltijos Tekstilė for the purpose of taking over 100% of the share capital. The price for the shares is agreed at just over EUR 4 million and the transaction is expected to be effected by the end of 2018 following due diligence and spin-off of property activities to a new company.
Gabriel and Baltijos Tekstilė (BTC) have worked together since 1999. During the following years until 2003, the partnership was developed and Gabriel’s looms were transferred to BTC in connection with outsourcing of production from Aalborg. Since then BTC has been the main weaving partner in the European production and has produced the majority of the sales materials that are marketed via Gabriel’s business unit SampleMaster.
BTC has 117 employees. Its revenue in 2017 was EUR 3.9 million of which the majority was realised with Gabriel as the customer. Profit before tax was EUR 0.5 million
The aim of purchasing the shares in the Lithuanian company is to support the Group’s growth in both the fabric business and SampleMaster and to ensure a continued high reliability of supply and competitiveness.
The management of Gabriel Holding A/S will announce its total expectations for 2018/19 on the occasion of the presentation of the 2017/18 annual report on 15 November 2018.
Gabriel Holding A/S
Hjulmagervej 55
9000 Aalborg, Denmark
Phone:
Contact: Anders Hedegaard Petersen, CEO
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