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ARB Holdings acquires 60% of Eurolux
Industrial goods and services group ARB Holdings has acquired 60% of Eurolux for a cash consideration of R81 million.
Eurolux is a leading importer and distributor of incandescent, energy saving, LED and fluorescent lamps, light fittings and ancillary electrical products including fans and electrical lighting components.
The vendors will continue to hold a 40% equity interest in Eurolux.
Eurolux's business currently operates out of two custom designed and built warehouses in Milnerton, Cape Town and Linbro Business Park, Johannesburg.
Eurolux does not sell directly to the public but focuses on selling and distributing its products to specialised lighting shops, independent electrical wholesalers and major retail chain stores in South and southern Africa.
ARB said the acquisition forms part of its long-term strategy to offer a diversified range of electrical and related industrial products to a wide range of industries and customers.
It expects the acquisition to be earnings-enhancing and value-creating for ARB shareholders from the outset.
The agreement is subject to approval by the Competition Commission.
Source: I-Net Bridge
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