SupaRule acquires business in SA
Limerick-based designer and distributor of specialist electrical equipment SupaRule has acquired the business of Reyrolle Industrial in South Africa, for 3.3 million rand (#467,500: £330,000) cash.
The business was a division of NEI Africa Operations in South Africa and is a distributor of electronic measuring instruments and other products to utilities and electrical wholesalers. Some 82 per cent of the consideration was for stock, debtors and office equipment and the balance of 18 per cent represents goodwill. The Reyrolle business generated sales of 5.6 million rand in 1998. Mr Mike McCormack, SupaRule's managing director, said it is profitable. SupaRule is establishing a new subsidiary, SupaRule, to operate the business which employs seven people. "The new company will also become a platform from which to distribute our products to organisations across the rest of South Africa". The group gained a share listing on AIM in London and DCM in Dublin last July.