Sdiptech acquires GAH (Refrigeration) Ltd in UK

As of December 15th, Sdiptech ABĀ (publ) has acquired all shares in GAH (Refrigeration) Ltd, a UK leader in the design, manufacture and service of last mile transport refrigeration solutions. GAH has a turnover of GBP 27.5 million, a pre-tax operating income of GBP 4.7 million and is valued at GBP 33.0 million at the transaction date.

The underlying demand for last mile cooling solutions continues to increase, led primarily by more e-commerce of groceries which in turn is driven by trends such as digitalisation, climate change, urbanisation and income growth. Established in 1993 and based in Suffolk, GAH has grown to become a UK leader in the design, manufacture and service of transport refrigeration solutions.

We are delighted to welcome GAH to the group. It is a successful, well-managed and growing business with a market-leading product range and excellent service offering. With a strong market position in food and pharmaceutical transport refrigeration, GAH is a great fit for us and our focus on creating more sustainable, efficient and safe societies“, says Jakob Holm, CEO of Sdiptech.

ā€œLast mile transport refrigeration solutions are crucial for the increasing demand of e-grocery. Around 100 million tons of food are wasted annually in the EU, which means huge environmental and economic costs. Refrigeration is a critical link to reduce waste of fresh food and pharmaceuticals by maintaining the right temperature during transportation of the goodsā€, says Anders Mattson, Business Area Manager at Sdiptech.

GAH is Sdiptech’s seventh UK business unit and will be included in the Special Infrastructure Solutions business area as of December 2020. Further information about GAH is available on the company’s website:

ā€œJoining the Sdiptech Group will give GAH the resource and expertise it needs to build further on our successful journey to date. Itā€™s a huge endorsement of the entire team at GAH and will only add to the continued growth of this business“, says John Reader, GAH Managing Director.

At day of transaction, the company is valued at GBP 33.0 million, on a cash and debt-free basis, of which GBP 26.0 million is paid on the closing date and financed with own funds and existing credit facility. The final purchase price, which is settled at the end of an earn-out period, will amount to between GBP 26.0 and 40.0 million, depending on the company’s earnings development during the earn-out period. A final total purchase price greater than the current value of GBP 33.0 million requires greater earnings levels than the current level.