Evli Bank Plc acted as Lead Manager in Efore Plc’s successful rights issue amounting to EUR 11.0 million and advised Efore on the acquisition of Powernet from Verdane. The rights issue was oversubscribed by 107.9 percent. Pre-commitments to subscribe for shares received from key shareholders, board of directors and management amounted to 51.0 percent of the offered shares.
Powernet is a company specialized in development and manufacture of customer specific power supplies and systems. The acquisition further strengthens Efore’s excellent technical know-how and broadens as well as internationalizes Efore’s customer base.
The rights issue and the acquisition of Powernet are related to Efore’s updated strategy for the years 2019-2021, which was announced November 21, 2018. Simultaneously to updating its strategy, Efore announced new medium-term financial targets. The company aims to i.a. reach 10% annual organic growth in net sales and net sales of over EUR 90 million in 2021.
Efore is an international group which develops and produces power supplies for demanding environments. In 2017, consolidated net sales totaled EUR 69.9 million and the group's personnel averaged 432. Efore’s shares are listed on Nasdaq Helsinki Stock Exchange. To learn more about Efore visit www.efore.com.
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Olli Kangasniemi, +358 40 579 6210, email@example.com