Oceania Capital Partners Limited (ASX: OCP) is delighted to announce that a 97% held subsidiary of OCP (“OCP Sub”) has entered into an agreement to acquire 100% of the Crimsafe group of entities (“Crimsafe”) from the founders of Crimsafe, Steve Brabeck and Peter Bouma.
Since launching in Australia 20 years ago, Crimsafe has established itself as the leading supplier of security screens and components in Australia. The national strength of the Crimsafe brand is unmatched in Australia, the business has a high quality exclusive network of 120 licensees that represent it nationally. Crimsafe has also established an operation in North America and is excited about growth prospects in this market. During its financial year ending 30 June 2014 Crimsafe generated unaudited pro-forma revenue of $33.8 million and EBITDA of $4.9 million. The purchase price values the Crimsafe business at $30 million.
Michael Jacobson – OCP Executive – said “We are delighted to be associated with a business of the calibre of Crimsafe. Through its extensive network of professional licencees and branding Crimsafe has positioned itself as the leading supplier of security screens and components in Australia. In addition, independent testing conducted by the University of New South Wales has verified that Crimsafe’s products are the strongest available in its product category. Crimsafe has very experienced management in place who, together with their dedicated team of staff, have a history of delivering excellence. We are very excited about the future growth prospects of the business”.
Steve Brabeck and Peter Bouma – founders of Crimsafe – said “Having built the business up over the last 20 years, we are pleased to hand the stewardship of Crimsafe over to Oceania Capital Partners. We wish the business and all of its stakeholders well in the future and are confident it will go from strength to strength”.
Ken Millard – Crimsafe Chief Executive Officer – said: “I am excited by the prospect of working with the new shareholders to build on Crimsafe’s success and to continue to deliver excellence in all we do”.