BEEMW - Beam Global Completes Due Diligence and Negotiations and Signs Agreement to Acquire Europe Based Amiga | Benzinga
SAN DIEGO, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Beam Global, (NASDAQ:BEEM, BEEMW)) ("Beam Global" or the "Company"), a leading provider of innovative sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, today announced the execution of a Stock Purchase Agreement to acquire Europe based Amiga DOO Kraljevo ("Amiga"), an established manufacturer of specialized structures and equipment including street lights, communications and energy infrastructure, whose manufacturing, engineering and sales teams serve municipalities, states and commercial customers in 16 nations. The transaction, valued at approximately €10 million, is expected to close in early Q4 2023 at which time Amiga will be re-branded Beam Europe.
About Amiga
Amiga was founded in 1990, has approximately 210 employees and engineering, product development and manufacturing capabilities which Beam Global believes are ideally suited to perfect and manufacture the Company's current products for the European market. Amiga is one of Europe's leading manufacturers of streetlights and is well positioned to bring Beam Global's patented EV Standard™ to market both in Europe and the U.S. Amiga's team of qualified engineers will be integrated with Beam Global's current team, providing a valuable enhancement and acceleration of product development cycles and a reduced requirement for Beam Global to add engineering headcount in the U.S.
Amiga reported over EUR 8.5M in revenue in 2022, generates positive cash-flows and is growing organically. Beam Global expects the acquisition to be accretive and the Company is planning for significant growth with Beam Europe's combination of Amiga's current business and Beam Global's suite of clean-tech products.
Since 1990 Amiga has been selling to municipalities, states and commercial customers. Amiga's customer profile in Europe is similar to Beam Global's current customers in the U.S. The Company intends to introduce Beam Global's current and future products to Amiga's existing customers as well as other prospects in the European market. Amiga's sales and marketing team will be integrated with Beam Global's and the Company intends to add additional EV charging infrastructure sales expertise in Europe. The Company and Amiga anticipate retaining Amiga's current workforce and all key employees have agreed to continue to support Beam Europe post acquisition.
"We have spent over 30 years building credibility and solid relationships with government and commercial customers in sixteen nations internationally. Many of our customers are repeat customers. Becoming part of Beam Global will allow us to market the latest renewably energized EV charging infrastructure products to our existing customers while opening up an entirely new set of opportunities for us. We have the engineering and operational capabilities ...