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ABEO, a leading global supplier of sports and leisure equipment, has signed an agreement without conditions precedent to acquire a 70% stake in BigAirBag, a Dutch manufacturer of inflatable landing airbags.
Founded over 15 years ago, BigAirBag designs, manufactures, distributes and installs premium inflatable products designed to cushion landings in a wide variety of locations, including adventure parks and leisure parks (trampolines, Ninja courses, etc.), gyms and ski resorts.
Based in Amsterdam with around a dozen employees, BigAirBag has a manufacturing plant that combines advanced materials with cutting-edge expertise. Having equipped over 3,500 locations worldwide for a diversified customer base, BigAirBag is a leading supplier for this niche market. In 2021, the company posted profitable revenue of around €3m.
ABEO expects to generate strong synergies from this acquisition, which will allow it to pool product-based, industrial and commercial know-how in the fields of gymnastics, sportainment and climbing.
ABEO Group CEO Olivier Estèves said: “We can't wait to start working with BigAirBag's teams, whom we already know very well. By combining their keen sense of innovation with our know-how, I am convinced that we will soon develop synergies across the Group, as this acquisition will provide a perfect complement to our sports equipment offering.”
The agreement between ABEO and BigAirBag sole shareholder Tomas Huting covers the purchase of 70% of BigAirBag shares.
The agreement signed on 13 June 2022 provides for an earnout payment indexed to the company's performance during the first financial year following consolidation, as well as a combined put and call option on the remaining 30% equity stake. Tomas Huting will join ABEO's teams within the next few weeks and will be tasked with developing the BigAirBag brand and activating commercial synergies.
The acquisition will be financed with equity via a 64% cash payment coupled with a 36% payment in ABEO shares to be allotted to the seller by means of a reserved capital increase, as decided by ABEO's Board of Directors on the basis of the 21st resolution of the Combined Annual Shareholders' Meeting of 28 July 2020 (capital increase via issuance of ordinary shares without shareholder preferential subscriptions rights pursuant to Article L. 411-2 of the French Monetary and Financial Code).
Deal closing is not subject to conditions precedent and is expected to take place within the coming weeks.
Find more about www.abeo-bourse.com
|ABEO is a major player in the sports and leisure market. The Group posted turnover of € 205.3 million for the year ended 31 March 2022, 74% of which was generated outside France, and has 1,413 employees.
ABEO is a designer, manufacturer and distributor of sports and leisure equipment. It also provides assistance in implementing projects to professional customers in the following sectors: specialised sports halls and clubs, leisure centres, education, local authorities, construction professionals, etc.
ABEO has a unique global offering, and operates in a wide variety of market segments, including gymnastics apparatus and landing mats, team sports equipment, physical education, climbing walls, leisure equipment and changing room fittings. The Group has a portfolio of strong brands which partner sports federations and are featured at major sporting events, including the Olympic Games.
ABEO (ISIN code: FR0013185857, ABEO) is listed on Euronext Paris – Compartment C.
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