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July 16, 2014
09:03 EDTLIQTLiqTech agrees to acquire operations of Provital Solutions
LiqTech International announces that it has signed a definitive agreement to acquire the operations of Provital Solutions, a water solutions company specialising in integrated filtration solutions for the swimming pool and spa market segments. LiqTech expects to leverage Provital's systems application capabilities to allow LiqTech's customers to accelerate the testing and validation cycle of LiqTech's SiC solutions, while LiqTech's worldwide sales presence will expand Provital's sales opportunities. In 2013, Provital Solutions sales were $2.5M with EBITDA margins in excess of 25%. The transaction is expected to be accretive to EPS in 2014. The definitive agreement provides that LiqTech will acquire 100% of Provital Solutions for certain LiqTech shares with an equivalent value of $6.1M and a cash amount equalling $2.3M. As part of the agreement, LiqTech is obligated to support Provital Solutions with working capital to support its growth and launch of market-ready new products. The transaction will be subject to customary closing conditions and is expected to be completed in July 2014.
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