MBO
of Electromechanical Business The acquisition is in the form of a Management Buy Out (MBO) of the business, financed with investment from parties with related business in the UK, and Germany. Geeplus has acquired Densitron Control Systems Ltd as a business, which will continue to operate under the name of Geeplus Europe Ltd, and the stock, assets, and goodwill associated with all other electromechanical business of Densitron. The MBO will allow Geeplus to focus on improving support for the electromechanical business, and allow Densitron to concentrate on their own core activities The existing staff of Densitron Control Systems Ltd will all be continuing in the same roles when the company name is changed to Geeplus Europe Ltd. We will be remaining at our present address for some months, and would expect to take on additional staff in support roles when we move to new premises. In the USA, Jerry Henn and Richard Driscoll will be heading the US business where a new company will be established within the next 2 weeks. Jerry and Richard have jointly more than 20 yrs experience of dealing with the electromechanical product line formerly sold by Densitron, and more than 35 yrs experience in industrial and electromechanical products, they bring valuable technical and commercial expertise to the new organisation in the USA. In Japan, Jun Degawa will be setting up a new company Geeplus Asia, with responsibility for sourcing and product support in this region. Jun worked for over 10 years for Densitron, in a number of capacities, including support for the electromechanical business for several years. We will continue to work with Densitron Japan for a transition period of 2-3 months until the new company is established and ready to commence business. Densitron Nordic are keen to continue working with us, and we are discussing terms for a new representation agreement to ensure continued support for the long-term business we have enjoyed in Finland. |