October 18, 2018

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Jays Group acquires Krusell

by Stuart Wilson, Thursday 3 May 2018

Ulf Sandberg, CEO of Krusell
Ulf Sandberg, CEO of Krusell

Audio and accessories brand Jays Group is buying Krusell for an initial purchase price of US$51.4m with an earnout that will pay half of EBITDA based on performance in 2018 and 2019.

Jays Group will, after the integration of the Krusell group of companies, have annual sales in excess of US$170m. The initial purchase price consists of US$13.6m cash, US$4.5m as a promissory note and US$33.3m as a share issue to the sellers.

The share price will be decided at the end of May and the sellers will be subject to a three-year lock-up period.

Ulf Sandberg CEO of Krusell, said: “We are very excited to start the work together with Jays Group´s management team and board to create the future success of the new company group. Jays Headphones and Krusell work in associated verticals within the industry for portable electronics and have several common - as well as new potential - partnerships to further develop together.”

“Krusell’s and Jays’ established marketing and sales channels globally sums up to more than 100 countries worldwide, which will be a great asset to leverage on when promoting our individual brands as well as existing and new product solutions. Krusell’s experience, the complete product portfolio for all available smartphones in the market and our legacy within crafted leather products provides a continuous strong growth potential,” he added.

Krusell group designs and produces bags and cases for portable electronics. Krusell offers accessories, bags, cases and protection products for mobile, smart phones, tablets and laptops with own brand names but also on OEM basis to larger global customers. The company has operations and sales offices in several countries in Europe and Asia, as well as long-term partnerships with major global industry leaders.

Krusell has its own R&D and design in Gothenburg Sweden and in Bangkok Thailand, where also the own production facility is located. Krusell will be operated as an independent business within Jays Group with full access to the group’s resources and represented in the Jays Group´s management team and board. All the key-resources within Krusell will continue in the company group after the deal is completed.

Jays Group´s CEO Henrik Andersson stated: “Based on my earlier experience as an international sales manager of Krusell, as well as in another major European company with similar products, we are confident that the acquisition of Krusell would considerable strengthen the growth potential of Jays Group. Since there is a growing usage of smartphones and portable electronics globally we are positive that that the demand and volumes for design and quality accessories, such as headphones, mobile cases and similar products, will continue to be strong.”

“We will continue our newly initiated growth journey and we are actively evaluating new potential acquisitions to add value to our existing brands and product portfolios. We have a strong commitment to continuously increase the awareness and interest in Jays Group as well as our various brands and products,” he added.

Jays Group´s future success will be based on both organic and acquisition driven growth. The target acquisitions of Jays Group should also create new opportunities in new markets and market channels. Based on the foundation of Jays Headphones and the Krusell acquisition, the Jays Group´s management team and board of directors will continue the execution of the new group-strategy to create a company group with several independent strong brands and product portfolios.

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