Imtech acquires AE Arma-Elektropanç: strong position in Turkey, stepping stone to emerging markets
(Thomson Reuters ONE) -
Gouda - Imtech N.V. (IM-AE, technical services provider in and outside Europe)
announces the acquisition of the Turkish technical services provider AE Arma-
Elektropanç. With around 1,200 employees, this rapidly growing company generates
annual revenue of approximately 90 million euro. Imtech will initially acquire
80 percent of the shares with the remaining 20 percent being acquired in the
future. The initial acquisition price amounts to almost five times the EBITA and
will be paid in cash. The acquisition contributes directly to the earnings per
share and will enable Imtech to acquire a strong position in Turkey as well as a
stepping stone in emerging markets such as the Middle East, Russia and various
former Soviet Republics.
René van der Bruggen, CEO Imtech: 'This acquisition is a huge leap forwards for
Imtech. In our 2015 growth strategy (objective: revenue level of 8 billion
euro), we have committed ourselves to strengthening our position in countries
new to Imtech, such as Turkey. The AE Arma-Elektropanç acquisition will help us
achieve this goal. At the same time, we are able to create a stepping stone to
emerging markets such as the Middle East, Russia and various former Soviet
Republics. Under Imtech's robust financial wings, AE Arma-Elektropanç will be
able to grow further. Cooperation using specific technological Imtech
competences provides additional growth opportunities in the long-term. As an
extension of the AE Arma-Elektropanç activities, in time further acquisitions in
these countries will also be possible. This new acquisition enables us to create
extra growth potential. Further internationalisation of our activities is on the
horizon.'
AE Arma-Elektropanç profile
AE Arma-Elektropanç (official name: AE Arma-Elektropanç Elektromekanik Sanayi
Mühendislik ve Ticaret A.S.) is a top-3 player in the technical services market
in Turkey. The company was established in 2001 following a merger between the
long-established family companies Arma (founded in 1981, specialised in
mechanical and electrical services) and Elektropanç (founded in 1977,
specialised in electronic and electrical services). This facilitated the
provision of multidisciplinary technical services, also one of the important
features of Imtech's approach. AE Arma-Elektropanç provides a comprehensive
range of technical services, including high and low voltage, energy generation,
power distribution, communications networks, HVAC (air and climate solutions),
sanitation, water treatment, sprinkler services, fire alarm, security systems
safety etc. This multidisciplinary technical approach has led to a strong
growth.
Besides the activities in its own country, the company is increasingly active
outside Turkey. Following in the footsteps of large Turkish construction
companies (for example Ant Yapi Construction, Nurol, Baytur Construction and
Koçak Construction), it has built up a position in emerging markets such as the
Middle East, Russia and various former Soviet Republics, where it has a good
reputation for providing technical services for mostly large, complex and
imposing projects. Over the years, the company has built up numerous local
relationships, for example with the Russian developer LLC Rasen Stroy, Kontek
Construction, Monotek Construction from Russia, Al Fattan MRCB Construction in
Dubai, DHABI Contracting from Abu Dhabi and Azwirt from Azerbaijan. As
technology partner to many Turkish construction companies and increasingly to
developers and builders from the emerging markets referred to above, AE Arma-
Elektropanç is able to deliver high quality services, on time and within budget.
Optimal project management skills, combined with (local) capacity, enable it to
act as reliable partner.
Its activities cover a wide range of market segments, such as commercial
buildings, hotels, luxury apartment complexes, government buildings, shopping
centres, hospitals, tourist services, airports and industry. Examples of
projects which are currently on-going are: the Radisson Blu hotel in Istanbul,
the luxury apartment complex Ak-Asya Acibadem Residence in Istanbul, the 380
metre high Mercury City Tower in Moscow (170,000 m2, the tallest building in
Europe and Russia), the luxury office center White Garden of an investment AIC
Lincoln in the heart of Moscow, the luxury Bab Al Qasr Hotel & Residence project
in Abu Dhabi (155,000 m2), the terminals at the new Baku Heydar Aliyev airport
in Azerbaijan and Pulkova Airport in St Petersburg in Russia, a new hospital in
Noyabirsk, and a new building for the marine faculty of the Piri Reis University
in Turkey. AE Arma-Elektropanç also provided all the electrical solutions in the
recently opened luxury apartment complex Anthill Residence (two towers of nearly
200 metres high, 150.000 m2) in Istanbul and the prestigious tower complex City
of Capitals in Moscow (320 metres high, 360,000 m2).
The Head Office of AE Arma-Elektropanç is located in Istanbul, Turkey. It also
has offices in Moscow (Russia), Baku (Azerbaijan), Abu Dhabi and Dubai (United
Arab Emirates), Beirut (Lebanon) and Doha (Qatar).
The diversity of its customers, countries and market segments in a strongly
growing market environment not only generates numerous growth opportunities, but
also gives the company a manageable risk profile.
Extra growth potential
The acquisition is attractive for Imtech. Under Imtech's robust financial wings
and in a market environment with enormous potential, AE Arma-Elektropanç is
capable of fast organic growth. If relevant, the market position may be
strengthened in the long term with additional acquisitions. Exchange of
technological Imtech competences such as energy technology, waste water
treatment, data centre technology, medical technology, and industrial automation
can promote growth in the new Imtech countries, also due to openings into new
market segments. The AE Arma-Elektropanç management will remain in place
following the acquisition, thus guaranteeing continuity. This new acquisition
enables Imtech to create an extra growth potential.
Through this acquisition, the number of Imtech employees raises by 4% to
approximately 28,600. The acquisition is subject to the approval of the Turkish
competition authorities.
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More information
Media: Analysts & Investors:
Pieter Koenders Jeroen Leenaers
Director Corporate Communications Manager Investor Relations
T: +31 655 74 65 85 T: +31 182 54 35 04
E:pieter.koenders(at)imtech.eu E:jeroen.leenaers(at)imtech.eu
www.imtech.eu www.imtech.eu
Imtech profile
Imtech N.V. is a European technical services provider in the fields of
electrical solutions, ICT (information and communication technology) and
mechanical solutions. With 28,600 employees, Imtech achieves annual revenue of
more than 5.1 billion euro. Imtech holds strong positions in the buildings and
industry markets in the Netherlands, Belgium, Luxembourg, Germany, Austria,
Eastern Europe, Sweden, Norway, Finland, the UK, Ireland and Spain, the European
markets of ICT and Traffic as well as in the global marine market. In total
Imtech serves 23,000 customers. Imtech offers added value with integrated and
multidisciplinary total solutions that lead to better business processes and
more efficiency for customers and the customers they, in their turn, serve.
Imtech also offers solutions that contribute towards a sustainable society, for
example in the areas of energy, the environment, water and mobility. Imtech
shares are listed on the NYSE Euronext Amsterdam, where Imtech is included in
the Midkap Index. Imtech shares are also included in the Dow Jones STOXX 600
index. In 2011 Imtech has been granted the designation Royal.
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Source: Imtech N.V. via Thomson Reuters ONE
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