Hydraulics & Pneumatics May 2022

NEWS Air and fluid power specialist Thorite has entered into a new sales partnership with GWE, the UK-based original manufacturer of voltage optimisers (VOs). The partnership to supply its bespoke energy-saving Eco- Max VO to the industrial market is a first for Sheffield-based GWE and will significantly enhance Thorite’s energy-saving products and services offer. Voltage optimisers regulate the power supply into a factory or other building to ensure electrical equipment is not receiving more energy than it needs to function efficiently. They are becoming increasingly popular in the industrial sector as companies seeking to operate in a more sustainable and cost-efficient way. Saving energy for industrial, commercial and domestic clients GWE first developed a bespoke system for optimising the voltage supply in Sheffield’s power-hungry steelworks. Its UK-manufactured Eco-Max systems are now installed around the globe, saving energy for industrial, commercial and domestic clients in the private and public sector. Bradford-based Thorite is an independent provider of air and fluid power products, systems and services. It has developed a comprehensive energy efficiency service which combines state-of-the-art technology with aftermarket support and maintenance to help clients reduce both their costs and their carbon footprint. Mark Yates, head of Sales and marketing at Thorite, says: “We’re delighted to be the first industrial supplier of GWE’s Eco-Max in the UK. GWE are the leading experts in their field and, as one of the first companies to achieve the ISO 9001:215 accreditation, they bring a guarantee of quality and reliability. “The industrial Eco-Max VO has the potential to save our 8 HYDRAULICS & PNEUMATICS April/May 2022 www.hpmag.co.uk Hexagon AB, provider of digital reality solutions combining sensor, software and autonomous technologies, has completed the acquisition of ETQ. ETQ is a provider of SaaS-based QMS (quality management system), EHS (environment, health and safety) and compliance management software. ETQ is expected to generate revenues of around 75 MUSD in 2022 with an adjusted operating margin of over 35% (cash EBITDA margins of around 45%). SaaS is expected to account for half of bookings in 2022 and has been growing at a trailing 3-year Compound Annual Growth Rate (CAGR) of 60%. The transaction is expected to generate sales synergies of over 40 MUSD, with very strong incremental margins, by 2026. Completion of the transaction was subject to regulatory approvals and other customary closing conditions, which have now been obtained. ETQ was consolidated as of 1 April and will operate within Hexagon’s Manufacturing Intelligence division. Transaction details Total purchase price of 1200 MUSD on a cash and debt free basis. The cash consideration is fully financed via existing and new debt facilities and the proforma net debt to EBITDA ratio based on the fourth quarter 2021, including the transaction, amounts to approximately 2.0. Surplus values in the purchase price allocation (PPA) are estimated to be 250 MEUR and will be amortised over 13 years, beginning in the second quarter 2022. A deferred revenue adjustment of 5 MEUR will impact the income statement over the next three quarters, beginning in the second quarter 2022. Hexagon completes the acquisition of ETQ clients significant sums of money by ensuring they are not using more electricity than their equipment needs and will significantly enhance our bespoke energy efficiency offer.” Chris Berry, head of sales and marketing at GWE, adds: “This is a first in the industry and we are excited to partner with a market leader in Thorite. By combining our years of expertise in our own fields we are delighted to be able to offer the industry a solution to what is a very challenging time for many. “Thorite are forging a path with their comprehensive energy efficiency service, so were a natural fit for GWE. We’re confident that they’ll bring real added value to the partnership.” GWE’s Eco-Max voltage optimiser. Thorite seals partnership to supply GWE Eco-Max voltage optimisers