- ILUS International ( OTCPK:ILUS ) said Tuesday it will acquire 51% stake in Al Shola Al Modea Safety and Security (ASSS), a fire safety company registered in the U.A.E., to ramp up its fire safety expansion plans in the Middle East.
- The company will pay $714K in several tranches for the stake provided that revenue and EBITDA targets are met.
- ASSS has a full order book for 2023 and is currently expanding resources to take on additional contracts. Based on its current order book and sales pipeline, it is expected to achieve more than $4.5M in 2023.
- ASSS will focus on installation contracts and larger projects, utilizing additional manpower from ILUS' ( OTCPK:ILUS ) unit BCD Fire when needed.
- BCD Fire will focus on maintenance contracts and fire protection equipment distribution, utilizing ASSS' technical design and management experience.
- The partnership will result in a momentum shift for ILUS' ( OTCPK:ILUS ) fire safety growth plans across the Middle East, including in Saudi Arabia, where it has been negotiating several large contracts.
For further details see:
ILUS to buy majority stake in fire safety firm ASSS to expand footprint in Middle East