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Gabriel Holding announces acquisition by Gabriel North America of 100% share capital of Mexican furniture manufacturer.

NORDIC BUSINESS REPORT-April 16, 2019-Gabriel Holding announces acquisition by Gabriel North America of 100% share capital of Mexican furniture manufacturer

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Gabriel Holding A/S (CPH:GABR), a developer, manufacturer and seller of furniture fabrics of pure wool, micro fibres and related textile products, announced on Monday the acquisition by Gabriel North America Inc of the share capital in the Mexican furniture manufacturer Grupo RYL, SA de CV.

Gabriel North America Inc has signed a share purchase agreement with the owner of the Mexican furniture manufacturer Grupo RYL, SA de CV (RYL), thereby taking over 100% of the share capital. The price for the shares is agreed at approximately USD0.8m. Also, a debt of USD3.0m to the previous owners is taken over.

According to the company, this purchase of the shares in the Mexican company is to support its growth in its FurnMaster activities in North America

RYL is well established as a development and production unit, acting as a subcontractor to the furniture industry in the US. The company, which employs approximately 170 employees, had revenues of USD8m in 2017, while loss before tax amounted to USD1.2m.

For the acquired company, revenues for the rest of the financial year is expected to be in the level of DKK20m and a negative profit contribution before tax of in the level of DKK2m.

Also, Gabriel Holding's management expectations for the entire financial year 2018/2019 remain a revenue and earnings growth at the level of 10% to 20%.

(EUR1.00=DKK7.46)

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Publication:Nordic Business Report
Date:Apr 16, 2019
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