Join our daily newsletter At The Bell to receive exclusive market insights
- Through its subsidiary, Inventis (IVT) enters a heads of agreement to purchase 80 per cent of the Open Projects Group (OPG)
- Based in the Gold Coast, OPG is a commercial furniture manufacturer that specialises in the design, supply and delivery of commercial furniture
- To acquire 80 per cent of OPG, Inventis will pay $3.4 million in cash over 24 months and issue $200,000 worth of shares
- The acquisition is subject to an exclusive 45-day due diligence period as well as final board and finance approvals
- Inventis ends the day 5 per cent in the red to close at 7.6 cents
Through its subsidiary, Inventis (IVT) has entered a heads of agreement to purchase 80 per cent of the Open Projects Group (OPG).
Based in the Gold Coast, OPG is a commercial furniture manufacturer that specialises in the design, supply and delivery of commercial furniture.
Currently, it services the hospitality and office sectors, and its business aligns with Inventis’ existing and expanding showroom footprint.
OPG has annual revenue of more than $20 million with normalised earnings before interest, depreciation and amortisation of approximately $4 million.
To acquire 80 per cent of OPG, Inventis will pay $3.4 million in cash over 24 months and issue $200,000 worth of shares.
The acquisition is subject to an exclusive 45-day due diligence period as well as final board and finance approvals.
“Our group network sales will potentially reach a new milestone of over $50 million per annum with growth in an aligned business, this will bring about further synergies which will complement our national expansion strategies,” Inventis Chair Dr Tony Noun said.
“The board and management are pleased with the opportunity to align our existing group culture and values of doing what we say with the vibrant energetic team at OPG.”
Inventis has ended the day 5 per cent in the red to close at 7.6 cents.
