Inventis (ASX:IVT) to buy 80 pc of Open Projects Group – The Market Herald

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  • Through its subsidiary, Inventis (IVT) enters into a memorandum of understanding to acquire 80% of Open Projects Group (OPG)
  • Based on the Gold Coast, OPG is a commercial furniture manufacturer specializing in the design, supply and delivery of commercial furniture.
  • To acquire 80% of OPG, Inventis will pay $3.4 million in cash over 24 months and issue shares worth $200,000
  • Acquisition is subject to a proprietary 45-day due diligence period and final board and finance approvals
  • Inventis ends the day 5% in the red to close at 7.6 cents

Through its subsidiary, Inventis (IVT) has entered into a memorandum of understanding to acquire 80% of Open Projects Group (OPG).

Based in Gold Coast, OPG is a commercial furniture manufacturer specializing in the design, supply and delivery of commercial furniture.

Currently, it serves the hospitality and office sectors, and its activities align with Inventis existing and expanding showroom footprint.

OPG has annual revenues of over $20 million with normalized earnings before interest and amortization of approximately $4 million.

To acquire 80% of OPG, Inventis will pay $3.4 million in cash over 24 months and issue $200,000 worth of stock.

The acquisition is subject to a 45-day proprietary due diligence period and final board and finance approvals.

“Our group network sales will potentially reach a new milestone of more than $50 million per year with growth in an aligned business, driving new synergies that will complement our national expansion strategies,” said the president. of Inventis, Dr. Tony Noun.

“The Board and management are excited to have the opportunity to align our existing group culture and our values ​​of doing what we say with OPG’s dynamic and energetic team. »

Inventis ended the day 5% in the red to close at 7.6 cents.

About Gertrude H. Kerr

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