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HMS Group completes an acquisition of Apollo Goessnitz GmbH

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20 August 2012

HMS Group (LSE: HMSG), the leading pump manufacturer and provider of flow control solutions and related services in Russia and the CIS, announces it has closed on the acquisition of Apollo Goessnitz GmbH and received a full title on 75% of its share capital. Apollo Goessnitz GmbH is the worldwide operating manufacturer of centrifugal pumps and system equipment, located in Goessnitz (Thuringia), Germany.

HMS Group paid EUR 25 mn for 75% of the share capital. The transaction has been financed with 2-year bank credit facility. On the completion of the transaction estimated Net debt to EBITDA (LTM) ratio of HMS Group stood at around 2.0 that is well below internal covenant set at 2.5.

The main products of Apollo Goessnitz GmbH (Apollo) are customized centrifugal pumps, related spare parts and integrated pump-based systems that comply with API (American Petroleum Institute) and DIN (German Industrial Standards), which are primarily used in oil and gas sector, both for offshore and onshore applications, in thermal power generation as well as other industries.

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