Xebec Expands Cleantech Service Network with Acquisition of Pennsylvania Based The Titus Company
Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions, is pleased to announce it has entered into an agreement effective October 30th, 2020, to acquire all of the outstanding shares of “The Titus Company” (Titus). Titus’ principals will remain with Titus after the acquisition to optimize their integration into Xebec’s Industrial Service and Support business and to grow the operation over the coming years. With this acquisition, Xebec’s Cleantech Service Network (CSN) coverage will increase to include Eastern Pennsylvania, Delaware and New Jersey.
Total consideration payable by Xebec is approximately $8.0M, subject to certain holdbacks, adjustments and time-based payments. Titus had revenues of $12.3 million for FY2019 with an EBITDA margin of approximately 13.5%. Titus is on track and expected to achieve similar revenue and profitability for FY2020. As with other acquisitions, Xebec expects that Titus’ growth and profitability could be improved with product, sourcing and back-office synergies.
By Global News Wire