Listed electronics group Jasco has acquired fire systems group, Cross Fire Management, for R52.3 million.<\/p>\n
The acquisition is part of Jasco’s restructuring plan, where it is looking for strategic acquisitions to bulk up its existing product offering, or to fill a gap in its portfolio.<\/p>\n
The Cross Fire acquisition falls into the former group, where the company will add services to Jasco’s Fire Solutions unit.<\/p>\n
Cross Fire specialises in the design, supply, fabrication, installation, servicing and maintenance of a range of fire protection systems.<\/p>\n
Jasco will now become on the of the top three suppliers for fire detection, suppression and protection systems in various industries, including construction, retail, logistics and financial services.<\/p>\n
In the deal’s terms, Jasco will acquire a 65.4% shareholding of the group for R52.32 million. The audited revenue and profit attributable to the net assets of Cross Fire for the 12 months ended 28 February 2016 was R229.5 million and R15.1 million respectively.<\/p>\n
The transaction is effective March 2017, with the full conditions needing to be met by the end of May 2017.<\/p>\n