HAKI Safety has finalised the acquisition of operations in Combisafe, a leading actor specialising in fall protection products for temporary workplaces. The acquisition strengthens HAKI Safety’s product range in work zone safety, its geographical presence in Europe and adds a brand with a strong reputation.
Combisafe's product portfolio includes edge protection and catchfans used to protect both workers and the public during new construction and renovations of skyscrapers, public buildings and infrastructure, among other things. The company has a turnover of approximately SEK 80 M and employs just over 30 people across 6 countries. It sells in about 20 countries and has been unprofitable for the past few years.
The transaction is being carried out as an asset deal of selected assets, such as the brand, product portfolio, patent and design rights, customer relationships and certain operating assets. The purchase price amounts to USD 2 M for the net assets. Operations and personnel will thus be transferred to HAKI Safety. Furthermore, the sellers, PIP Global Safety, will contribute approximately USD 2 M to cover possible change-related costs.