Opus Inspection Completes Acquisition of Drew Technologies
March 25, 2015—Opus Inspection Inc. announced on Wednesday that it has completed the acquisition of Drew Technologies Inc. (Drew Tech), a leading manufacturer of vehicle communication and diagnostic equipment for the vehicle inspection and automotive service industry. The deal was first announced on Feb.13.
Drew Tech will become a subsidiary of Opus Inspection. However, the company will continue to operate as a stand-alone legal entity with the current management in place. The purchase price is $30 million plus a contingent earn-out of $4.4 million. The acquisition includes a cash balance of approximately $400,000. Hence, the acquired underlying business, excluding cash, is valued at approximately $34 million on a debt-free basis. The acquisition was completed on Monday.