Xebec Expands Cleantech Service Network with Acquisition of North Carolina Based Air Flow
Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions is pleased to announce that Xebec Holding USA Inc, a wholly-owned subsidiary of Xebec Adsorption Inc., has entered into an agreement effective July 31st, 2020, to acquire all of the outstanding securities of Enerphase Industrial Solutions, Inc. (doing business as “Air Flow”). Air Flow’s principals will remain with Air Flow after the acquisition to optimize their integration into Xebec’s industrial service and support business and to grow the operation over the coming years.
Total consideration payable by Xebec is approximately $6.0M, subject to certain holdbacks, adjustments and time-based payments. Air Flow had revenues of approximately $10.1M for the fiscal year ended December 31, 2019 and revenues are estimated to grow organically to $11.5M in 2020 with an EBITDA margin of approximately 10%. Xebec expects that Air Flow’s growth and profitability could be improved with additional supply chain and cost optimizations, product synergies and the back-office expertise Xebec has built from prior acquisitions.
By Global Newswire