Stemmer Imaging expands market share in France by acquiring Elvitec

18 Jul 2018

Following February IPO, expansive Stemmer expects French deal to boost revenues by €9 million (earnings by 11%).

French connection: The management teams from Stemmer and Elvitec at the signing of the contract.

Stemmer Imaging, a leading provider of machine vision technology, has acquired Elvitec’s business in a share deal. Elvitec is a highly specialised provider of machine vision solutions based near Aix-en-Provence, France. Both parties agreed not to disclose the purchase price.

Stemmer commented that it is continuing to implement its growth strategy following its successful IPO, completed in February, 2018. In a share deal, the wholly-owned subsidiary Stemmer Imaging acquired 100 per cent of the shares in Elvitec.

The company from Pertuis, near Aix-en-Provence, is an established provider of camera solutions for industry, monitoring, and imaging. The Management Board of Stemmer said it expects the acquisition to yield an additional revenue contribution of around €9 million and an EBITDA margin of around 11% at Elvitec in the 2018/2019 financial year. The company is consolidated retrospectively from 1 July 2018.

Stemmer’s performance

In May 2018, Stemmer reported that In the first nine months of its 2017/2018 financial year (to 31st March 2018), it generated adjusted EBITDA €8.25 million, exceed the prior year’s figure (€6.11 million) by 35%. Consolidated revenue had increased from €64.4 million to €74.5 million in the same period.

Lars Böhrnsen, CFO of Stemmer Imaging, said of the Elvitec deal, “France is an exciting and dynamically growing market for automation solutions and robotics. It is important for Stemmer to be substantially represented [there]. We are delighted to have found another fitting acquisition target after the successful acquisition of Data Vision at the end of January,” commented.

Christof Zollitsch, CEO of Stemmer Imaging, added, “With Elvitec, we are augmenting our portfolio with an well-connected distributor. At the same time, we are strengthening our presence in France and our expertise for francophone countries. In short, we have succeeded in acquiring an established provider that is simultaneously the perfect complement for our group.”