Sevcon Targets Accelerated Growth With Acquisition of Bassi Srl
01 Fevereiro 2016 - 8:00AM
Adds Bassi Battery Charging and Power Management
Systems Capabilities
Sevcon, Inc. (Nasdaq:SEV) today announced that it has acquired
privately held Bassi S.r.l. Based near Bologna, Italy, Bassi
designs and manufactures battery chargers for electric vehicles.
The Bassi product line includes fast charging technologies suitable
for a wide range of electrification markets, including rapid, high
voltage and high power sectors. Bassi also designs and manufactures
power management and uninterrupted power source (UPS) systems for
industrial, medical and telecom applications, as well as electronic
instrumentation for battery laboratories. In 2015, Bassi generated
approximately $16 million in annual sales and was profitable. The
acquisition is expected to be immediately accretive to Sevcon’s
earnings in the first year of combined operations, excluding
transaction costs.
Bassi’s executive team will continue to manage
the business. Bassi will operate as a division of Sevcon from its
present facility and no changes in employment levels are
anticipated.
Acquiring Bassi will enable Sevcon to:
- Expand its addressable share of the high-growth vehicle
electrification market by approximately 35%
- Integrate battery charger and power management technology with
Sevcon’s new GEN5 family of motor controllers to offer a unified
suite of electronics for on-road vehicles
- Pursue opportunities to cross-sell Sevcon products to Bassi
customers
- Sell Bassi’s products through Sevcon’s sales channel, including
its joint venture in China, to access the Company’s large global
customer base
- Enhance earnings by adding an immediately accretive
business
“This acquisition is an important milestone for Sevcon that we
believe will accelerate our strategic growth and create significant
long-term value for our stockholders,” said Sevcon President and
Chief Executive Officer Matt Boyle. “Battery charging and power
management represent a rapidly growing sector of the
electrification market that is highly complementary to Sevcon’s
products. Customers regularly ask for charging solutions in
conjunction with our new Gen5 motor controller line, especially in
high voltage and high power applications. Bassi has world-class
technology that offers an attractive integration opportunity with
the Gen5. By offering customers a broader product portfolio that
eliminates motor controller/battery charger interoperability
concerns, we believe we can secure a greater share of the on-road
and industrial electrification markets.”
Bassi Srl Chief Executive Officer Andrea Bassi
said, “We believe this transaction is an opportunity to combine two
outstanding and complementary organizations. Sevcon’s 50-plus year
record at the forefront of electric vehicle control technology
mirrors our more than 40 years of experience in battery charging
and power management. Both companies are recognized globally for
their commitment to innovation and customer service. Operating as
part of Sevcon will enable Bassi to grow faster than it could on
its own, while providing Bassi customers with greater access to
Sevcon’s industry-leading control technologies. Most important, we
are joining an outstanding company with a history of consistent
achievement and extraordinary opportunities for future
growth.”
The acquisition was funded with cash provided
under a five-year term loan facility provided by the New York City
branch of the Italian bank Monte dei Paschi di Siena and Sevcon
equity. Further details of the acquisition and the financing are
available in the Form 8-K being filed today by the Company with the
SEC and tomorrow’s first quarter news release and in the investor
conference call at 9:00 a.m. ET on Wednesday, February 3.
Those who wish to listen to the conference call webcast
should visit the Investor Relations section of the Company’s
website at www.sevcon.com. The live call also can be accessed by
dialing (877) 407-5790 or (201) 689-8328 prior to the start of the
call. If you are unable to listen to the live call, the webcast
will be archived on the Company’s website.
About Bassi Srl
Bassi Srl is a privately owned company with
global manufacturing and headquarters in Lugo di Ravenna, Italy.
The Company has more than 40 years of experience in designing and
manufacturing battery chargers for electric vehicles, power
management and uninterrupted power source (UPS) systems for
industrial, medical and telecom applications, and electronic
instrumentation for battery laboratories. The Company’s portfolio
includes a wide range of products from on-board units to products
suitable for public charging infrastructure projects. Bassi’s
world-class engineering and production teams specialize in
providing complete turn-key battery charging and power management
solutions to customers around the world, in markets where
performance, efficiency and reliability are critical. The
Company sells its products mainly in the US and Europe, and has
served more than 2,000 customers.
About Sevcon, Inc.
Sevcon is a world leader in the design and
manufacture of controls for zero emission electric and hybrid
vehicles. The controls are used to vary the speed and movement of
vehicles, to integrate specialized functions and to optimize the
energy consumption of the vehicle's power source. The Company
supplies customers throughout the world from its operations in the
U.S., the U.K., France, China and the Asia Pacific region and
through an international dealer network. Sevcon's customers are
manufacturers of on- and off-road vehicles including cars, trucks,
buses, motorcycles, fork lift trucks, aerial lifts, mining
vehicles, airport tractors, sweepers and other electrically powered
vehicles. For more information visit www.sevcon.com.
Forward-Looking Statements
Statements in this release about the anticipated
impact of the Bassi acquisition and Sevcon's future financial
results are forward-looking statements subject to risks and
uncertainties that could cause actual results to differ materially
from those we anticipate. In particular: Customers of Bassi may not
grow as predicted and demand for chargers may fall short of
forecasts; we may not be able to successfully integrate the two
companies’ operations and financial controls; we may not be able to
combine the two companies product lines as effectively as we
anticipate, and the market for the combined products may not be as
great as we believe; there are risks inherent in Bassi’s sole
source manufacturing that may hinder us from producing as much
Bassi product as we anticipate; capital markets are cyclical and
weakness in the United States and international economies may
continue to harm our business; global demand for electric and
hybrid vehicles incorporating our products may not grow as much as
we expect; our customers' products may not be as successful as
those of other entrants in the electric and hybrid vehicle markets
who are supplied by our competitors; we may not be able to attract
and retain the level of high quality engineering staff that we need
to develop the new and improved products we need to be successful;
we are dependent on a few key suppliers and subcontractors for most
components, sub-assemblies and finished products, and we may not be
able to establish alternative sources of supply in time if supplies
are interrupted; and companies we acquire may be more costly to
acquire and integrate, or may not generate as much revenue and
earnings, as we anticipate. Please see our most recent Forms 10-K
and 10-Q on file with the SEC for further information regarding
Sevcon's risk factors.
Contact:
David Calusdian
Sharon Merrill Associates
1 (617) 542 5300
SEV@InvestorRelations.com
Matt Boyle
President and CEO
1 (508) 281 5503
matt.boyle@Sevcon.com
Sono Group NV (NASDAQ:SEV)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Sono Group NV (NASDAQ:SEV)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024