November 7, 2013 - Assignment

Opus Group to acquire Envirotest and implement rights issue

Opus Group AB’s (publ) subsidiary Opus Inspection, Inc. has agreed to acquire Envirotest Systems Holdings Corp., a leading vehicle inspection services and technology company in North America for approximately USD 84 million (approx. SEK 550 million). Opus Group will become the market leader in the U.S. vehicle inspection market as a result of the acquisition and will among others conduct a rights issue of approximately SEK 150 million to partly fund the acquisition. The acquisition is subject to certain commercial and financing conditions.

Envirotest operates long-term vehicle inspection programs in the states of Colorado, Maryland, Indiana, Ohio, and Tennessee in the United States, and in British Columbia in Canada. In addition, Envirotest holds several remote sensing services contracts in several states, including in Texas. Envirotest has 1,060 employees and a turnover of approximately USD 86 million. The acquisition includes approximately 60 real properties owned by Envirotest and leases to 28 real properties.

Opus Inspection, headquartered in East Granby, Connecticut, is a market leader in the decentralized vehicle inspection business in the United States. Program management, data management operations, and equipment sales are conducted in seventeen states, plus Mexico and Peru. Opus Group was founded in Sweden in 1990 and operates vehicle inspection programs and develops, produces and sells equipment and IT systems for the vehicle inspection industry. Opus Group’s revenues in 2012 amounted to approximately SEK 469 million with pro forma revenues amounting to approx. SEK 933 million in 2012. Opus Group’s shares are listed on Nasdaq OMX Stockholm.

Opus Group is being advised by Mannheimer Swartling in the transaction, among others in respect of the rights issue. The firm’s team primarily includes Johan Ljungberg, Nils Nostell, Emma Olnäs Fors, Emma Nilsson and Aleksander Ivarsson.