Imdex enters agreement to acquire Devico

Devico is a leading global mining-tech company, established in 1988 and headquartered in Trondheim, Norway. It has a workforce of approximately 200 personnel and business entities across 15 countries. Devico is expected to deliver 2022 revenue of approximately AUS$61 million and 2022 EBITDA of AUS$29 million. The business has demonstrated its ability to scale over the last three years with a revenue compound annual growth rate of 17%.

Commenting on the Proposed Acquisition, IMDEX Chief Executive Officer, Paul House, said:

“The proposed acquisition of Devico is consistent with IMDEX’s growth strategy and is a logical next-step. We see significant value in combining our complementary product portfolios, market-leading R&D capabilities and global presence. The addition of Devico will strengthen our position as the leading provider of advanced rock knowledge sensors and will establish our business as the number one directional drilling technology company globally. Notably, Devico’s flagship facility in Trondheim will become a key asset for IMDEX – providing us a new innovation and manufacturing hub for the European market. Devico’s expertise, professionalism and their relentless customer focus matches our own and we are excited about what our teams can achieve together for the mining industry. We have commenced integration workstreams and are confident in a smooth transition.”

Read the article online at: https://www.globalminingreview.com/finance-business/23012023/imdex-enters-agreement-to-acquire-devico/