Apator Powogaz S.A., subsidiary of Apator S.A. has acquired 100% of shares in a Danish company Miitors ApS, which designs and develops ultrasonic technology in water and heat metering. Price for the shares amounted to EUR 6.2m and refinancing of shareholder loans to additional EUR 0.8m.
The shares were sold by Mr Jens Drachmann, experienced constructor and founder of the company and financial investors. Miitors ApS was established in 2010 in order to develop full range of innovative ultrasonic products, including water meters (both for cold and hot water), heat meters and cooling meters. Research and development activities, as of the day of the acquisition, are advanced. Miitors has already developed several prototypes of residential meters for cold water. Tests have proved that project goals have been fulfilled.
Thanks to the transaction Apator Powogaz will gain innovative technology, broaden product portfolio and earn better access to the Western European, North American and Middle East markets. Key competitive advantages of technology used by Miitors are high measuring precision (metrological class), energy efficiency (long battery life span – up to 20 years) and low production costs (optimizing the construction). Numerous patent applications and patents are a proof of the value of this technology at a global level. All the intellectual property is owned by the acquired company.
Mr Krzysztof Prucnal, CEO of Apator Powogaz, said: “Ultrasonic technologies are a very fast growing and highly innovative segment of the global market. We expect that acquiring Miitors will give us greater access to markets with higher level of prices and margins. First ultrasonic products will be offered by Apator Powogaz in mid-2016 and full range of products until the end of 2018.”
Miitors will continue to operate as a R&D unit dedicated to ultrasonic water and heat measuring, within Apator Powogaz Group and will be managed by Jens Drachmann.
Apator Powogaz was advised by Azimutus (transaction advisory) and Plesner (legal advisory).